The share market is weaker as investors turn away from the big miners.

A slightly better finish on Wall Street has failed to flow through to Australia, as the weakest iron ore prices in five years hits the resource stocks, City Index head of dealing for the Asia Pacific region Biyi Cheng says.

“The materials sector is holding down our market at the moment, especially from BHP,” he said, adding that the iron ore price was showing little sign of recovery.

Among the big miners, BHP Billiton was down 55.5 cents to $34.125. Australia’s second biggest listed company part owns Peru’s top copper mine where the unionised workforce has started a strike over declining pay.

Rio Tinto is down 66 cents at $60.58 while Fortescue Metals has lost 14.5 cents to $3.015.

The banking stocks were mixed, with Westpac up 15.5 cents to $33.625 and Commonwealth Bank 28.5 cents higher at $82.845 while ANZ was down nine cents to $32.43, and National Australia Bank had shed 13 cents to $32.85.

Mr Cheng said profit takers were selling banking stocks.

“There’s a kind of pullback,” he said.

Fertiliser and explosives maker Incitec Pivot was up 11 cents, or 3.8 per cent, at $3.03 after announcing its full year profit was down 33 per cent to $247.1 million, due to writedowns totalling $109.2 million.

KEY FACTS

* At 1200 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 9.8 points, or 0.18 per cent, at 5,514.2 points.

* The broader All Ordinaries index was down 10.0 points, or 0.18 per cent, at 5,491.4 points.

* The December share price index futures contract was down 10 points at 5,530 points, with 10,481 contracts traded.

* National turnover was 560 million securities worth $1.5 billion.