THE share market was flat at noon as resources offset losses in the banking sector.
At midday (AEDT), the benchmark S&P/ASX200 index was down 0.1 points at 4728.5 points, while the broader All Ordinaries index had risen 1.5 points, or 0.03 per cent, to 4811.8 points.
On the ASX 24, the December share price index futures contract was up 10 points at 4752, with 14,066 contracts traded.
Austock Securities senior client adviser and strategist Michael Heffernan said the market had made up some ground since opening slightly lower.
"The fact that the market is up in the face of pretty heavy decline in National Australia Bank shares after it's ex-dividend is not a bad performance and especially when overseas markets gave us no real positive lead at all," he said.
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The banks were mixed at noon.
National Australia Bank was the worst performer on the S&P/ASX50, down 79c, or 3.11 per cent, at $24.64 after going ex-dividend.
ANZ was also weaker, losing 28c, or 1.18 per cent, to $23.44, while Westpac was up 22c, or 1 per cent, at $22.15 and Commonwealth Bank was up 18c at $48.73.
Mr Heffernan said resources seemed to be "spearheading the continuing upward momentum" of the market.
"Certainly Rio is just powering again," he said.
"Copper prices and the continuing activity on the iron ore front gives one a lot of confidence about our resources sector.
"Not just the Rios and BHPs, but the mid-tier ones and even the smaller ones, with interest from overseas entities looking to take them over."
Copper raced to a record high in overnight trade, with sentiment stoked by strong economic data from top consumer China and persistent supply fears as inventories fell.
Three-month copper on the London Metal Exchange hit a record $US8966 a tonne, above the previous record peak of $US8940, which it touched in July 2008.
The big miners were stronger at noon.
At 12.08pm, BHP Billiton was up 30c at $44.89 and Rio Tinto was 98c higher, or 1.12 per cent, at $88.34. Fortescue Metals rose 10c, or 1.47 per cent, to $6.90.
Energy shares were also stronger.
Woodside Petroleum was up 34c at $43.08, Oil Search rose 2c to $6.59 and Santos was up 8c at $13.49.
The spot price of gold in Sydney was $US1402.90 per fine ounce, down $US5.5 from yesterday's local close of $US1408.40.
Gold miner Newcrest Mining was up 48 cents, or 1.11 per cent, at $43.53.
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