Despite early gains as predicted, the S&P/ASX 200 had a reality check in late morning trading, with the wins quickly evaporating.
However, it had made a comeback by midday and was back in the green.
The S&P/ASX 200 index was up 0.1% at 7,597 after initially rising 0.4% to a two-day high of 7,583 then dipping 0.2% to an intraday low of 7,576.
Iron ore miners were up, however the market was dragged down by CBA and CSL.
In reporting, Fortescue Metals Group (ASX:FMG) Limited declared a $2.11 a share dividend. It came on the back of a record profit for the financial year.
Founder and chairman Andrew Forrest was a big winner with a $2.39 billion dividend coming his way.
Fortescue was up 6.5% at time of writing. BHP Group Ltd and Rio Tinto Limited were up 3%.
Another big miner, Pilbara Minerals Ltd (ASX:PLS) gained 7.3% after Citi boosted its target price.
The Energy sector has helped with gains, with Santos Ltd (ASX:STO) up almost 3% after WTI crude oil hit a 3-week high of $US69.64 in early trading before turning down slightly.
Banks on the other hand have had a torrid time after Citi took a bearish approach. CBA was down 1.2%.