The Australian share market is trading flat as investors await the central bank’s decision on interest rates.
The benchmark S&P/ASX200 index was up four points, or 0.06 per cent, to 6,324.5 points at 1200 AEST on Tuesday, while the broader All Ordinaries was up 1.1 point, or 0.02 per cent, to 6,411.9.
The materials sector was up 1.01 per cent by midday, leading gains, while tech shares moved 2.13 per cent in the opposite direction following steep losses among their US counterparts on Wall Street.
Mining giant BHP was up 1.73 per cent to $37.445, Rio Tinto was up 1.66 per cent to $98.72, and Fortescue Metals was up 1.55 per cent to $7.88.
Gold miners also advanced after the price of the yellow metal climbed more than 1.5 per cent overnight to its highest level in about three months.
Newcrest Mining added 0.76 per cent to $28.42, Northern Star gained 0.95 per cent to $10.055, and Evolution Mining rose 1.87 per cent to $4.085.
Among the tech favourites, Afterpay was down 1.77 per cent to $22.77, Appen fell 2.69 per cent to $24.98 and Xero shed 3.48 per cent to $57.38.
The consumer staples and discretionary sectors were down 0.27 per cent and 0.48 per cent respectively after ABS data showed retail spending fell 0.1 per cent in April, contrary to market expectations of an increase.
The big four banks were mixed, with ANZ up 0.34 per cent to $27.635, Commonwealth down 0.26 per cent to $77.71, NAB down 0.30 per cent to $26.25, and Westpac up 0.04 per cent to $27.09.
Coca-Cola Amatil was up 0.91 per cent to $9.455 after it announced it was selling its SPC fruit and vegetable processing business to the Shepparton Partners Collective for $40 million.
Incitec Pivot was down 0.15 per cent after the fertiliser producer signed agreements to continue manufacturing operations at its Gibson Island facility in Queensland to 2022.
Mirvac was up 0.32 per cent after the property group agreed to pay $333.5 million for 490 rental apartments to be built opposite Melbourne’s Queen Victoria Market.
Most investors are anticipating an interest rate cut when the Reserve Bank of Australia announces its decision on monetary policy at 1430 AEST.
On Wall Street overnight, the Dow Jones Industrial Average closed up 0.02 per cent, the S&P 500 was down 0.28 per cent and the tech-heavy Nasdaq Composite was down 1.61 per cent.
The Aussie dollar is buying 69.66 US cents, from 69.14 US cents on Monday.