The Australian sharemarket opened little changed as supermarkets and brewers including Wesfarmers and Fosters gained.

Most financial companies also rose in early trading offsetting the decline in the big miners.

At 1016 AEDT, the benchmark S&P/ASX200 index was up 5.3 points or 0.15 per cent to 3,562.7 while the broader All Ordinaries index rose 0.9 points or 0.03 per cent to 3,493.2.

On the Sydney Futures Exchange the March share price index contract was three points lower at 3,550 on a volume of 4,547 contracts.

Macquarie Equities associate director Lucinda Chan said consumer companies received a boost after Harvey Norman released sales figures for the past month.

Harvey Norman said like-for-like written sales for the 28 days to December 21 rose by 8.7 per cent on the corresponding period last year.

"Consumers are doing their last minute shopping, and they got that big boost from the government," Ms Chan said.

Shares in Harvey Norman gained one cent to $2.36 and David Jones added seven cents to $2.99.

The miners and other resource companies were being sold as figures from Asia show the country's biggest export destinations are slowing down more than expected initially.

China's central bank cut interest rates and Japan's Toyota, the world's biggest car maker, forecast its first ever operating loss.

"The economic slowdown is worse than we thought and they're the ones who buy our commodities," Ms Chan said.

BHP Billiton fell 57 cents, or 1.92 per cent, to $29.07. Rival Rio Tinto also declined 57 cents, or 1.52 per cent, to $36.83.

Macquarie's Ms Chan said trading volumes would be lower than average during the holiday season.

Market turnover was 174 million shares, worth $419 million, with 231 stocks up, 287 down and 184 unchanged.

Ms Chan also said a number of stocks had slumped on Tuesday after companies paid their dividends.

Macquarie Airports slumped 16 cents, or 7.08 per cent, to $2.10 and Macquarie Infrastructure fell eight cents, or 5.14 per cent, to $1.475 after going ex-dividend.

Shares in property trusts slumped after Commonwealth Property Office Fund (CPA) cut the value of some of its properties by almost nine per cent, in an announcement after the market closed on Monday.

CPA fell 1.5 cents to $1.135, Dexus Property Group fell 3.5 cents to 77.5 cents and Mirvac Real Estate lost two cents to 32 cents.

Other real estate trusts also fell after going ex-dividend.

At 1055 AEDT, the spot price of gold in Sydney was $US845.30 per fine ounce, up $US0.75 on Monday's close of $US844.55.

Among gold stocks, Newcrest increased 88 cents, or 2.8 per cent, to $32.28, and Lihir added three cents to $2.85.

In other company news, shares in Bendigo and Adelaide Bank fell 77 cents, or 6.56 per cent, to $10.97 after the bank said it had raised $175 million via a share purchase plan and an institutional placement.

AGL Energy and Sydney Gas have gone into trading halts pending an announcement about a material transaction. AGL last traded at $15.45 and Sydney Gas at 27.5 cents.

Windimurra Vanadium says its namesake mine in Western Australia will be delayed due to the late supply of equipment and materials and delays in approvals.

The shares declined 2.5 cents, or 10.2 per cent, to 22 cents.

At 1102 AEDT, Mount Gibson Iron was the most traded stock, with 15.6 million shares changing hands for a value of $7.89 million.

The shares gained six cents, or 12.63 per cent, to 53.5 cents.