The share market is slightly higher with gains in the financial sector offsetting the impact of a falling iron ore price on the miners.
Commonwealth Bank’s dividend reinvestment plan for shareholders is helping boost its share price, while insurers were also higher.
But a fall in the spot iron ore price to below $US90 a tonne is weighing on producers of the steelmaking commodity.
IG market strategist Evan Lucas said the miners’ falls could have been worse, but iron ore and steel futures contracts on Tuesday were making gains, mitigating possible major slides.
“It is a battle of wills at the moment with the yield plays continuing to find good support,” he told AAP.
BHP Billiton was down 6.5 cents at $37.185, Rio Tinto was down 34 cents at $64.20 and Fortescue Metals was 3.5 cents lower at $4.305.
Among the banks, Commonwealth Bank was up 33 cents at $80.84, National Australia Bank was up 14 cents at $34.54, ANZ had gained six cents to $33.28 and Westpac was eight cents higher at $34.88.
AMP was up nine cents at $5.93, Suncorp was up 12.5 cents at $14.515 and IAG was 5.5 cents higher at $6.475.
Clothing maker Pacific Brands was up 0.75 cents to 57.75 cents after announcing a $224 million loss and the sale of its workwear labels.
Specialty Fashion was down nine cents, or 8.9 per cent, at 92 cents, after its sales and annual profit dropped.
KEY FACTS
* At 1220 AEST on Tuesday, the benchmark S&P/ASX200 index was up 5.3 points, or 0.09 per cent, at 5,640.2 points.
* The broader All Ordinaries index was up 5.4 points, or 0.1 per cent, at 5,638.2 points.
* The September share price index futures contract was up two points at 5,602 points, with 7,357 contracts traded.
* National turnover was 839 million securities worth $1.8 billion.
