The share market has ended the day steady as strength in the energy sector was offset by weakness among the major miners and big four banks.

The major indices spent most of the session in the red despite positive leads from Wall Street and a rise in the price of iron ore and oil.

Bell Direct equities analyst Julia Lee said weakness among the banks and mining-related materials sector weighed on the wider market following weak performances from Rio Tinto and BHP Billiton on offshore markets overnight.

“There also appeared to be some profit taking among the miners,” she said.

“The banks have been trading mainly sideways and if you have a look at the CBA, it tends to sell off as soon as it hits $78 which it has come close to recently.”

She said trading volumes were also low given there has been a lull in major economic releases.

BHP dropped 24 cents, or 1.2 per cent, to $19.54 and Rio Tinto shed 87 cents, or 1.9 per cent, to $45.17.

Rio said on Wednesday it will buy back up to $US3 billion of its corporate notes as part of continuing efforts to reduce gross debt.

Fortescue Metals shed 13 cents, or 3.95 per cent, to $3.16.

The energy players were the strongest performers, with Woodside Petroleum gaining 26 cents to $27.72 and Santos adding 12 cents to $4.74.

Among the banks, National Australia Bank slipped 12 cents to $26.47, ANZ declined 13 cents to $24.73, Commonwealth Bank retreated 35 cents to $76.99, while Westpac bucked the trend to add nine cents to $30.60.

KEY FACTS:

* At the close on Wednesday, the benchmark S&P/ASX 200 index was down 1 point, or 0.02 per cent, at 5,370 points.

* The broader All Ordinaries index was steady at 5,441.1 points.

* The June share price index futures contract was down three points at 5,375 points, with 27,939 contracts traded.

* The spot price of gold in Sydney at 1700 AEST was $US1,250.40 per fine ounce, up $US7.40 from $US1,243.00 on Tuesday.

* National turnover was 2.9 billion securities traded, worth $5.2 billion.