The Australian share market is trading lower as weaker prices for oil and copper weigh on the resources sector.
“The resources sector is certainly dragging things down,” Phillip Capital senior client adviser Michael Heffernan said.
“The banks are doing well, led by Macquarie.”
Mr Heffernan said key Chinese economic growth figures to be released later on Tuesday are likely to influence afternoon trading.
Some observers say the share market is at risk of weakening further if China’s fourth quarter gross domestic product data falls short of the 7.2 per cent forecast.
At 1200 AEDT, mining giant Rio Tinto was 75 cents lower at $53.41 after it said it had lifted its iron ore sales by 17 per cent to a record 302.6 million tonnes in 2014 and increased production by 11 per cent to 295.4 million tonnes.
Global miner BHP Billiton was down 49 cents to $27.22, and Fortescue Metals was up one cent at $2.29.
Atlas Iron had sagged one cent to 18 cents. Atlas lifted production 23 per cent during the December quarter but was selling its product at a loss, with the price of its iron ore below production costs.
Oil and gas producer Woodside Petroleum had fallen $1.13 to $33.04, and Santos had lost 14 cents to $7.40.
Among the major banks, ANZ had lifted 14 cents at $31.42, Commonwealth Bank had climbed 25 cents at $83.35, Westpac had added 12 cents at $32.75, and National Australia Bank strengthened eight cents to $33.40.
Investment bank Macquarie Group ascended $1.73 to $59.98. Macquarie Group is on track to post its biggest profit in eight years as the lower Australian dollar and improved market activity bolsters its earnings.
GUD Holdings, the owner of the kitchen appliances brand Sunbeam, ascended 30 cents to $7.10 after it lifted its underlying first half profit by 16 per cent and said it was on track to meet its full year earnings guidance.
US markets were closed on Monday for the Martin Luther King public holiday.
KEY FACTS
* At 1207 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 13.8 points, or 0.26 per cent, at 5,295.3 points.
* The broader All Ordinaries index was down 13.5 points, or 0.26 per cent, at 5,275.5 points.
* The March share price index futures contract was 20 points lower at 5,245 points, with 8,843 contracts traded.
* National turnover was 447.1 million securities worth $1.08 billion.