The sharemarket has moved into positive territory after ANZ reported further profit growth.
Stocks had fallen in early trade, but by early afternoon the market was up by around 0.5 per cent.
The boost came as investors focused on local earnings reports from companies including ANZ, Macquarie Group and Cochlear, CMC chief market analyst Ric Spooner said.
"The market was pretty happy with ANZ's result," he said.
"Apart from that we're in a bit of a pause mode, probably waiting for further developments."
ANZ was up 52 cents, or 1.74 per cent, at $30.43 after it reported a 13 per cent rise in first quarter cash profit to $1.73 billion.
The other big banks were also higher, with Commonwealth Bank up 83 cents at $75.68, National Australia Bank up 41 cents at $33.82 and Westpac was 28 cents higher at $32.05.
But other corporate updates were met with less enthusiasm.
Macquarie shares dropped $2.11, or 3.8 per cent, to $53.51 after maintained its financial forecasts, but said merger and acquisition activity was muted.
Shares in hearing implants maker Cochlear had tumbled $5.79, or 9.8 per cent, to $53.10, after it reported a 73 per cent fall in its first half profit.
Engineering company Bradken also took a hit, with its shares down 54 cents, or 10.4 per cent, at $4.67 after its first half profit dropped by 18.5 per cent.
In the mining sector, BHP Billiton was down four cents at $36.46, Rio Tinto was down 62 cents at $66.40 and iron ore miner Fortescue was four cents lower at $5.55.
- At 1257 AEDT on Tuesday, the benchmark S&P/ASX200 index was up 25.8 points, or 0.49 per cent, at 5,247.9 points.
- The broader All Ordinaries index was up 23.4 points, or 0.45 per cent, at 5,259.9 points.
- The March share price index futures contract was 29 points higher at 5,198, with 15,231 contracts traded.
- National turnover was 983 million securities worth $1.96 billion.