The benchmark ASX 200 index dropped 0.1 per cent, or six points, to finish the session at 7659 points.

It comes after the trading on Friday and Monday finished between 7633.8 and 7776.9.

The broader All Ordinaries remained the same as it closed on Monday, finishing at 7911 points.

Five of 11 sectors were in the red when markets closed on Tuesday, with the materials and energy sector underperforming the lowest, dropping 1.1 per cent and 0.9 per cent respectively.

Mining giant BHP was down 1.1 per cent despite the company revealing its half-yearly profit had dropped 86 per to $1.4bn ($US 927m) on Tuesday.

“We expect the lagged impact of global inflation to continue into the second half, particularly in relation to labour, and as we negotiate long-term supply arrangements,” BHP warned in its report.

The company did report a six per cent increase in revenue up to $27.2bn.

The mixed report came after the company stated it “had its challenges, with adjustments relating to Nickel West, West Musgrave and Samarco offsetting an otherwise solid operational performance and overall healthy commodity prices”.

BHP confirmed it would pay an interim dividend of $1.10, fully franked.

Meanwhile, ANZ fell 2.2 per cent following news the big bank won its appeal to block its $4.9bn Suncorp Bank takeover.

The Australian Competition Tribunal on Tuesday set aside an August decision by ACCC to stop the acquisition from going ahead.

“The tribunal is satisfied that the proposed acquisition represents a net public benefit,” Deputy President Justice John Halley said.

Meanwhile, market analyst Tony Sycamore said most of Tuesday’s sharemarket movement was reactive of the RBA releasing its February Board meeting minutes.

“With US markets closed overnight for the Presidents’ Day holiday, the ASX 200 was left to its own devices today, taking its lead from earnings reports and a hawkish set of RBA meeting minutes,” Mr Sycamore said.

“The minutes showed that at its February board meeting, the RBA considered two options – hiking rates by 25 basis points or keeping the cash rate on hold at 4.35 per cent.

“The RBA’s decision to leave rates unchanged centred on the observation that the risk of inflation not returning to the board’s target within a reasonable time frame had eased.

“Based on the high cost of inflation not returning to target within the envisaged time frame, members agreed that it was appropriate not to rule out a further increase in the cash rate target.

“The Australian interest rate market remains uninterested in talk of additional RBA rate hikes and instead has 35 basis points of easing priced for 2024.”

The Aussie dollar is trading near US65.28c at the close on Tuesday.

Overseas, Wall Street remained quiet as the US celebrated Presidents’ Day on Monday.