The Australian share market opened lower on Tuesday, bucking positives leads from offshore trading overnight.

At 1015 AEDT, the benchmark S&P/ASX200 index was down 9.8 points, or 0.21 per cent, at 4,700.2, while the broader All Ordinaries index had fallen 6.7 points, or 0.14 per cent, to 4,773.9 points.

On the ASX24, the December share price index futures contract was 13 points lower at 4,706, with 6,768 contracts traded.

At 1016 AEDT, the four big banks were mixed.

Commonwealth Bank was down 17 cents, or 0.33 per cent at $50.78, National Australia Bank was three cents lower at $24.98, and ANZ was steady at $23.90.

Westpac was steady at $22.95 after announcing its takeover of St George Bank led to a contribution to annual statutory net profit of $685 million in fiscal 2010.

Commonwealth Bank will hold its annual general meeting on Tuesday, while ANZ and NAB are due to release annual profit results this week, and Westpac releases its results the following week.

US stocks rose overnight after world finance leaders pledged to better balance global trade, but with no concrete plans in place to avoid a currency war in the future, the dollar resumed its fall.

The weaker US dollar is helping drive stocks and commodities higher as the cheaper currency makes them more attractive investments.

Shortly after the closing bell, but before settlement, the Dow was 31.49 points higher, by 0.28 per cent, at 11,164.05.

The Standard & Poor’s 500 index rose 2.54, or 0.21 per cent, to 1,185.62, while the Nasdaq composite index rose 11.46, or 0.46 per cent, to 2,490.85.

Bell Financial Group senior adviser Chris Kimber said there was currently no big movement in the market.

He said in the banking sector, investors were now starting to look toward dividends.

“(They are) only about a week or two away and the reports that are going to go along with that,” he said.

Mr Kimber said the US held up “reasonably well” overnight, particularly in commodities.

“I think probably a theme that’s developing from a lot the major players now is they keep talking about copper stocks,” he said.

Copper scaled 27-month highs overnight, as the weak US dollar/long commodities trend resurfaced after the weekend G20 meeting and demand prospects brightened on Chinese trade data and news of JPMorgan’s interest in an exchange-traded-product.

At 1041 AEDT the miners were higher.

BHP Billiton had risen two cents to $41.76, Rio Tinto was up six cents at $84.16 and Fortescue Metals was seven cents higher at $6.62.

Gold rose one per cent in overnight trade, resuming its rally after its first weekly decline in nearly three months, as a G20 agreement hardened expectations that the Federal Reserve will pump more money into the economy.

At 1045 AEDT, the spot price of gold in Sydney was $US1,340.00 per fine ounce, down $US3.41 from Monday’s local close of $US1,343.41.

Gold miner Newcrest Mining was up 33 cents, or 0.81 per cent, at $40.95.

In trading news on Monday, sought-after wealth manager Perpetual says it expects net profit in the current half year to be $35 million to $40 million, provided equity markets remain stable.

At 1051 AEDT, shares in Perpetual were down 13 cents, or 0.34 per cent, at $37.77.

ASX and the Singapore Stock Exchange (SGX) face months of work convincing regulators in both countries of the benefits of their proposed $8.4 billion merger.

On Tuesday, shadow treasurer Joe Hockey questioned whether the merger is in Australia’s interest.

At 1054 AEDT, shares in ASX were down $1.45, or 3.47 per cent, at $40.30.

Mr Kimber said big merger and acquisition activity was putting Australia on the map.

“There’s a lot more people looking at Australia now,” he said.

“People are running the ruler over a lot of companies and they’re trying to work out who’s going be next.”

Bendigo and Adelaide Bank will be the sole owner of Rural Bank after agreeing to buyout co-owner Elders.

Bendigo and Elders have agreed on the sale of Elders’ 40 per cent stake in Rural Bank for $165 million.

At 1055 AEDT, Bendigo was down 12 cents, or 1.32 per cent, at $9.00, while Elders was up three cents, or 4.51 per cent, at $6.95.

Lead and zinc miner Perilya has formally launched its $C184 million ($A182.4 million) bid for Canada’s GlobeStar Mining Corporation.

At 1056 AEDT, Perilya was up 0.5 cents at $5.65.

Legal firm Slater & Gordon is set to buy NSW-based personal injury litigator Keddies Lawyers for $35 million.

At 1057 AEDT, Slater and Gordon were up 3.5 cents, or 1.98 per cent, at $1.80.

At 1058 AEDT, the top-traded stock by volume was OBJ Ltd, with 190.5 million shares worth $5.90 million changing hands.

OBJ Limited was up 1.7 cents, or 80 per cent, at 3.6 cents.

National turnover at 1101 AEDT was 929.67 million shares worth $1.12 billion, with 441 stocks up, 412 down and 338 unchanged.

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