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The local share market has moved lower this morning after more than three weeks of strong gains.
At noon AEST on Tuesday, the benchmark S&P/ASX200 index was down 20.3 points, or 0.28 per cent, to 7361.2, while the All Ordinaries was down 20.1 points, or 0.27 per cent, to 7558.
The release of Reserve Bank of Australia minutes half an hour earlier hadn't budged the market much. The minutes showed the central bank had strongly considered raising rates at its April 4 meeting, before deciding to leave the cash rate unchanged at 3.6 per cent.
"Anyone who thinks the RBA will hold rates at 3.6 per cent have some cause for concern following the release of RBA April minutes today," wrote City Index analyst Matt Simpson in a note.
He said the quarterly Consumer Price Index report to be released on April 26 would probably be the most important deciding factor.
If the ASX closes in the red on Tuesday, it would be just its third losing session out of the past 15.
Every sector was lower at midday except for materials, which was buoyed by the iron ore giants.
BHP was up 0.5 per cent to $46.84 as legal paperwork was lodged with regulators making its takeover of OZ Minerals legally effective.
Rio Tinto had added 0.9 per cent to $122.38, and Fortescue was up 0.3 per cent to $22.58.
The energy sector was the biggest loser, down 1.5 per cent as Woodside and Santos both dropped almost two per cent.
The big banks were mixed following mostly strong gains on Monday.
CBA was down 0.4 per cent, ANZ was flat and NAB and Westpac were edging very slightly higher, up 0.1 per cent and 0.2 per cent, respectively.
Telix Pharmaceuticals had gained 10.1 per cent to $8.685 after Jefferies raised its price target on the radiation oncology company.
This came after Telix announced late on Monday it had hit a milestone of more than $100 million in quarterly revenue, driven by strong US sales of its prostate cancer imaging agent Illuccix.
The Australian dollar was buying 67.16 US cents, from 67.12 US cents at Monday's ASX close.
