The Australian share market has finished slightly lower as traders digested Reserve Bank minutes, a big step forward for a major banking deal and a spate of earnings reports, including one from Australia's biggest company.
The benchmark S&P/ASX200 index on Tuesday finished down 6.1 points, or 0.08 per cent, to 7,659.0, basically giving back Monday's modest gains.
The broader All Ordinaries dropped 1.8 points to 7,911.5.
The release of minutes showing the RBA considered raising rates at its February 7 board meeting didn't budge the market much and NAB senior economist Taylor Nugent said they didn't reveal much new.
The highlight of the day may have been the Australian Competition Tribunal authorising ANZ's proposed $4.9 billion acquisition of Suncorp Bank, sending SUN shares up 6.0 per cent to a five-year high of $15.29 and ANZ stock down 2.2 per cent to $27.88.
"This is a significant milestone and an important step forward in the process, however we still have further conditions to meet," ANZ chief executive Shayne Elliot said.
The other big banks were mostly higher, with Westpac rising 2.6 per cent to $25.90 and NAB adding 1.0 per cent to $3349, while CBA dipped 0.2 per cent to $116.95.
In the materials sector, BHP fell 1.1 per cent to $45.54 as the Big Australian slashed its dividend after its loss-making nickel operations took the shine off its iron ore and copper mining.
RBC Capital Markets analyst Kaan Peker said the first-half earnings report contained no real surprises, with most key metrics in line with estimates.
Rio Tinto dropped 1.0 per cent to $128.04 and Fortescue dropped 0.7 per cent to $28.21 ahead of their earnings reports on Wednesday and Thursday.
Elsewhere in the sector, Sims fell 9.7 per cent to a three-month low of $13.10 after the metals recycler announced its first-half earnings were down 86 per cent to $13.4 million.
The Star Entertainment Group plunged 19.6 per cent to an all-time low of 45c following Monday's announcement the NSW regulator would hold another inquiry into its suitability to hold a casino licence.
"The Star appreciates the opportunity to demonstrate it has the ability to regain suitability and will continue to do all in its power to work cooperatively with all its regulators," the company said.
Bravura Solution soared 29.7 per cent to a 17-month high of $1.245 after the financial services software company announced it had returned to profitability in the first half.
McMillan Shakespeare rose 11.8 per cent to a six-month high of $19.50 after the novated leasing and salary packaging company announced its first-half earnings were up 42.9 per cent to $86.9 million.
Chief executive Robert De Luca said the strong performance had been supported by the federal government's fringe benefit tax exemption for electric vehicles.
Sonic Healthcare dropped 7.8 per cent to $29.24 after the global pathology chain reported a 47 per cent drop in net profit, to $202 million.
"This is the result of having 90 per cent less COVID-related revenue in the current period," chief executive Dr Colin Goldschmidt said.
Humm Group dropped 19.4 per cent to a one-month low of 56c after the buy now, pay later company swung to a $6 million first-half loss, compared to a $7.5 million profit a year ago.
Strike Energy plummeted 25.9 per cent to a more than one-year low of 21.5c following an update on its troubled South Erregula-2 test well.
The Australian dollar was buying 65.33 US cents, from 65.41 US cents at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday down 6.1 points, or 0.08 per cent, to 7,659.0
* The broader All Ordinaries dropped 1.8 points, or 0.02 per cent, to 7,911.5
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.33 US cents, from 65.41 US cents at Monday's ASX close
* 98.23 Japanese yen, from 98.12 yen
* 60.65 Euro cents, from 60.67 Euro cents
* 51.90 British pence, from 51.85 pence
* 106.39 NZ cents, from 106.55 NZ cents.
