Despite higher oil prices and rises in Santos and Woodside Petroleum shares, the market managed to hold yesterday's gains, but nothing more.
Solid buying of BHP Billiton and Rio Tinto shares held the profit takers at bay, banks were mixed.
Brokers reported more risk-taking by their clients as investors moved into riskier early stage companies and emerging companies.
The benchmark S&P/ASX200 index was up slightly by 7.3 points, or 0.2 per cent, at 3824.6.
BHP Billiton (ASX:BHP) closed up 34 cents, or 1 per cent, to $34.20, Rio Tinto (ASX:RIO) was up $1.02, or 1.6 per cent, to $64.79, Fortescue Metals (ASX:FMG) was off 2 cents at 2.58, OZ Minerals was up 0.5 cents at 82.5 cents and Mirabela Nickel was up 4 cents at $2.18.
Gold miners rose, Lihir (ASX:LGL) rose 9 cents to $3.03, and Newcrest Mining (ASX:NCM) was was up $1.77 at $31.27.
In oil stocks, Santos (ASX:STO) added 4 cents to $14.80. and Woodside Petroleum (ASX:WPL) was up 43 cents to $44.81.
Macarthur Coal (ASX:MCC) was 8 cents at $5.33, Centennial Coal (ASX:CEY) was up 10 cents at $2.23, Arrow Energy (ASX:AOE) was up 5 cents at $3.92 and Riversdale Mining (ASX:RIV) was off 1 cent to $6.04.
Banks were mixed, ANZ Bank (ASX:ANZ) dropped 2 cents to $15.55, Commonwealth Bank (ASX:CBA) gained 5 cents to $36.20, NAB (ASX:NAB) was up 1 cent to $22.02, Westpac (ASX:WBC) 37 cents to $19.69 and Macquarie Group (ASX:MQG) was up 6 cents to $34.26.