THE share market was marginally higher at noon after a directionless morning of trade.
At 12.03pm (AEDT), the benchmark S&P/ASX200 index was up 16.3 points, or 0.35 per cent, at 4671.2, while the broader All Ordinaries index was up 16.9 points, or 0.36 per cent, to 4690.8
On the Sydney Futures Exchange, the March share price index futures contract was 19 points higher at 4644 on volume of 14,393 contracts at 12:05 AEDT.
CMC Markets chief market analyst David Land said NABweighed on the market despite reporting a rise in cash earnings in the December quarter but BHP Billiton gained ground.
BHP Billiton was up 30 cents at $41.23 while Rio Tinto slipped 15 cents to $71.95.
NAB was down 65 cents at $25.30, Westpac gained 28 cents to $25.67, Commonwealth Bank added nine cents to $53.09, and ANZ was two cents higher at $22.07.
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Mr Land said there was no clear market response to the US Federal Reserve's decision to raise its discount rate from 0.5 per cent to 0.75 per cent.
Making headlines, drilling services provider Boart Longyear has reported an annual net loss of $US14.9 million ($16.69 million), but is looking forward to an improving market in coming months.
Shares in Boart Longyear were down 2.5 cents, or 7.25 per cent, at 32 cents.
Centennial Coal posted a 27 per cent fall in first half net profit but said it continued to experience strong demand for thermal coal.
Shares in Centennial Coal were up four cents at $3.83.
Among energy stocks, Woodside was 19 cents firmer at $43.97, Santos retreated one cent to $13.46 and Oil Search was up 10 cents at $5.34.
In the retail sector, Woolworths was up 10 cents at $26.16, and Coles owner Wesfarmers put on 75 cents to $31.35.
IG Markets analyst Ben Potter said the move was designed to make banks borrow funds from the private market for short-term credit and normalise their operations as the financial crisis eases.
LifePoint beats Q4 estimates, forecast higher 2010 earningsShare market up mildly at noon
