A "Clinton-in-the-clear" rally overseas failed to spur a second strong session on the ASX, which closed with only marginal gains thanks to the big miners.
The benchmark S&P;/ASX 200 Index closed 7 points, or 0.1 per cent higher, to 5257.8 points, while the broader All Ordinaries ended 0.2 per cent higher at 5342.2.
Investors were disinterested in the banks on Tuesday, after Commonwealth Bank of Australia provided an uninspiring quarterly earnings update to the market and foreshadowed a softer year ahead for the sector. The stock closed 0.6 per cent lower to $72.07 and dragged the other banks with it.
Westpac was off 0.8 per cent, while NAB and ANZ closed flat. Macquarie Bank traded ex-dividend throughout the session and saw a 2.5 drop in its share price.
"The bank results haven't been very inspiring but given the lack of news flow into year-end I think they'll perform in line with the market," said Omkar Joshi, investment analyst at Watermark Funds Management. "We didn't see any dividend cuts which helps at the margin, but it's likely something that occurs after APRA finalises capital requirements next year."
A bumper rally in iron ore, coal and copper provided solid support for the miners with resource giants BHP Billiton up 2.6 per cent and Rio Tinto up 1.6 per cent.
However, gold stocks fell out of favour as investors reeled in their rush for the safe haven precious metal. Gold was fetching $US1282.98 an ounce in late Tuesday's trade, steadying following Monday night's falls, and Newcrest mining, Australia's largest producer, was off 0.8 per cent.
In other company news, explosives and fertiliser maker Incitec Pivot warned it expects markets for its key products to remain weak in 2017, after reporting a 26 per cent drop in annual underlying profit, in line with analysts' forecasts.
Incitec's shares closed 1 per cent lower while main rival Orica, which reported last week, closed unchanged.
A2 Milk jumped 8.8 per cent to $2.04 on Tuesday after the dairy company said first quarter revenue was in line with expectations courtesy of growing infant formula and fresh milk sales.
Investors still adore market darling Domino's Pizza, sending the stock 6.7 per cent higher after Macquarie raised the company to "outperform". On Monday, Domino's upgraded its EBITDA growth target for this financial year to around 30 per cent, from 25 per cent.
Surfstitch shares were halted on Tuesday afternoon while the troubled online retailer considers another approach from spurned suitor Crown Financial.
Stock watch
Shares in APN Outdoor Group soared 17.1 per cent to $5.42 on Tuesday after the company said it had seen solid recovery in both media revenues and bookings. APN now expects EBITDA to be in the range of $84 million to $86 million for FY 2016. In early August, investors fled the stock after the company downgraded its full-year profit guidance, sending the share price down 33 per cent in one day. However it seems management got their figures wrong and stronger-than predicted demand has allowed APN to track double-digit growth.
Business conditions
Business conditions and sentiment surprisingly faltered in October as sales growth slowed while weakness in retail prices pointed to still-low inflation and the chance interest rates may yet have to be eased further. National Australia Bank's monthly survey of more than 500 firms showed its index of business conditions dipped 2 points to 6 in October, more than reversing September's one-point gain. The index remains above its long-run average, however.
Commodity prices
Coking coal and iron ore experienced an impressive boost, soaring more than 7 per cent and 4 per cent, respectively, ahead of the US election. Iron ore has been helped along on the back of higher steel and iron ore futures in China and coking coal futures hit the maximum allowable level in China on Monday. The price of Brent crude oil remained stabled throughout Tuesday and was fetching $US46.30 at market close, after gaining 1.9 per cent the previous session.
Asian shares
Shares around the region lifted higher as investors digested the FBI's statement that found Democratic candidate Hillary Clinton was not guilty of criminal wrongdoing in her use of a private email server. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.6 per cent, with Japan's Nikkei was flat in late trade.
China's trade data
China's October exports fell 7.3 per cent from a year earlier, while imports shrank 1.4 per cent, both declining more than expected. That left the country with a trade surplus of $US49.06 billion (325.25 billion yuan) for the month. China imported 80.8 million tonnes of iron ore in October, the lowest since February and down 13 per cent from the previous month, as steel mills curtailed output amid tightening profits and soaring costs. Compared with a year ago, shipments of the steel making ingredient were still up 7 per cent.