The share market has dipped at noon, with losses among the big banks offsetting gains by the miners.

BHP Billiton was up 16 cents to $24.15 after it released a strong quarterly production result while Rio Tinto was 33 cents higher to $52.47.

Gold miners Newcrest and Evolution Mining were also bright spots, while Bluescope Steel shares surged more than eight per cent.

However the banks continue to sink following the government’s approval of recommendations to overhaul the financial system.

Westpac was the worst of the big four, down almost two per cent.

KEY FACTS

* At 1208 AEDT on Wednesday, the benchmark S&P/ASX200 index was down 19.7 points, or 0.38 per cent, at 5,215.9 points.

* The broader All Ordinaries index was down 16.8 points, or 0.33 per cent, at 5,254.8 points.

* The December share price index futures contract was down 22 points at 5,191 points, with 9,753 contracts traded.

* National turnover was one billion securities worth $1.6 billion.