Shares edge higher as BHP, CSL soar on earnings beats

Australia's share market is inching higher, as strong earnings results sparked buying in mining juggernaut BHP and a sharp rebound in CSL's share price.

The S&P/ASX200 rose 19.6 points by midday, up 0.24 per cent, to 9,094.4, as the broader All Ordinaries gained 23 points, or 0.25 per cent, to 9,302.

The market map was mostly red on Tuesday, however some solid post-earnings performances from BHP, CSL, Pro Medicus and Cochlear helped support the exchange.

The modest uptick followed a weak Wall Street session overnight, as Brent crude prices topped $US90 a barrel as Iran vowed to escalate attacks after the US let a previous 90-day ceasefire lapse and US President Donald Trump threatened to bomb Oman.

"The impasse risks extending the closure of the (Strait of Hormuz) waterway and the supply pressure it places on global energy markets, while the hawkish rhetoric is forcing a greater geopolitical risk premium into prices due to a marginally higher probability of escalation in the Gulf," Capital.com senior market analyst Kyle Rodda said.

"Once again, geopolitical risks have proven the hurdle in the way of a higher equity market."

Healthcare was by far the best performing sector on Tuesday, soaring more than seven per cent as CSL and Pro Medicus shares clocked double-digit gains after beating earnings expectations.

The move came despite CSL posting its first annual loss since listing on the ASX in 1994.

BHP was doing some heavy lifting, up 3.6 per cent and boosting the materials sector more than one per cent after handing down a $US9.8 billion ($A13.8 billion) bottom line annual profit for the 2025/26 financial year.

Fortescue (+0.8 per cent) and Rio Tinto (-0.1 per cent) were less impressive, as iron ore futures firmed above $US95 a tonne and copper prices eased from near all-time highs.

Gold stocks were mixed but broadly lower, as the precious metal hovered near $US4,424 ($A6,222) an ounce, while battery minerals and rare earths producers came off their recent rally.

Financials continued to weigh on the bourse, down 0.8 per cent as three of the four big banks and Macquarie traded lower, while NAB bounced modestly from Monday's post-update slump.

Consumer-facing stocks were hit hard, with staples tumbling 1.7 per cent and cyclicals down 1.2 per cent, as Woolworths, Coles and Wesfarmers dragged.

In other earnings news, Sims Ltd dived more than 13 per cent, despite growing sales revenue and boosting its underlying profit for the year to $247.9 million from $83.1 million in 2024/25.