At 12.00pm (AEST), the benchmark S&P/ASX200 was up 4.3 points, or 0.1 per cent, at 4493.9, while the broader All Ordinaries had risen 2.5 points, or 0.06 per cent, at 4498.4.
CMC Markets analysts David Taylor said money was flowing from a number of major stocks into banks and gold miners.
"The market was going better at the open than it is now,'' Mr Taylor said.
"We're seeing some money flowing out of BHP, Telstra, Woodside and profit-taking in Woolworths, and we're really being held up by the banks and gold producers.''
In a trading update today, ANZ Banking Group reported its cash profit for the 10 months to July was tracking broadly in line with the prior year.
The bank also said bad debt growth slowed in the third quarter.
Banking stocks were the major gainers in midday trade
ANZ shares were up 5.03 per cent to $21.49.
NAB added 46 cents to $28.27, Westpac was up 5 cents at $24.36, and Commonwealth Bank had put on 74 cents at $45.89.
Macquarie Group was another strong performer, up $2.15, or 4.39 per cent, at $51.10.
Miners were lower.
BHP Billiton was down 49 cents at $37.36 after going ex-dividend, while Rio Tinto was 86 cents lower at $56.44.
Energy stocks were also down.
Woodside Petroleum was 81 cents lower at $48.89, Oil Search down 13 cents at $6.24 and Santos 18 cents weaker at $15.71.
Among the retailers Woolworths lost 24 cents to $28.06 and Wesfarmers was down 21 cents at $25.29.
Gold miners were stronger.
Lihir Gold was up 6 cents at $2.78, Newmont had gained 8 cents to $4.87 and Newcrest had lifted 78 cents to $29.98.
At 12.15pm, the spot price of gold was $US956.59 per fine ounce, up $US5.97 on Friday's close of $US950.62.
On the Sydney Futures Exchange, the September share price index contract was 8 points higher at 4491 on 15,847 contracts.
Resources push shares lower at noonJump in energy demand fuels stocks
