The local share market has pared back some of its strong morning gains to be slightly higher at noon, with the banks pressuring the bourse.

The big four lenders were treading water at midday, bringing the market and other financial stocks lower.

However a buffer came from BHP Billiton which has pulled ahead by nearly three per cent despite recording a $5.7 billion profit slump.

The other miners were also higher off iron ore’s six per cent rise overnight.

Shares in the energy producers were also buoyant off oil’s price jump.

Insurer QBE was a bright spot on the market, up nearly 10 per cent after improving profit margins in its earnings result.

KEY FACTS:

* At 1207 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 5 points, or 0.1 per cent, at 5,006.2 points.

* The broader All Ordinaries index was up 6 points, or 0.12 per cent, at 5,062.6 points.

* The March share price index futures contract was up 11 points at 4,972 points, with 15,755 contracts traded.

* National turnover was 1.5 billion securities traded, worth $2.5 billion.