By Ambar Warrick
Oct 10 (Reuters) - Australian shares edged up amid thin trade on Tuesday as financials and real estate stocks benefitted from selective buying while material stocks edged lower on weak commodity prices.
The S&P/ASX 200 index .AXJO rose 0.16 percent to 5748.3 by 0101 GMT. The benchmark rose 0.5 percent on Monday.
"There was a rotation yesterday from material stocks into higher yielding bank stocks, which has somewhat continued today with some of the second largest stocks outside of the big banks," said James McGlew, executive director of corporate stock broking for Argonaut in Perth.
The Australian financial index rose around 0.2 percent, with AMP Ltd AMP.AX and Genworth Mortgage Insurance Australia Ltd GMA.AX leading gains.
"We're seeing selective buying of stocks today," McGlew added.
On the other hand, mining stocks edged lower, with the metals and mining index .AXMM falling about 0.3 percent, with miners BHP Billiton (LON:BLT) Ltd BHP.AX and Rio Tinto (LON:RIO) Ltd RIO.AX both edging lower.
Activist investor Elliott has embarked on an international tour of BHP's biggest shareholders as it presses ahead with its campaign to force a radical shake-up of the mining giant, sources familiar with the matter told Reuters. ore futures DCIOcv1 fell on signs of weakening demand in China. IRONORE/
Healthcare stocks also edged lower, tracking a weaker lead-in from Wall Street overnight. Medical equipment maker Cochlear Ltd COH.AX fell about 0.3 percent, while pharmacy operator Sigma Healthcare Ltd SIG.AX fell nearly 2 percent.
The S&P healthcare index .SPXHC moved 0.67 percent lower, weighed by a drop in Medtronic (NYSE:MDT) MDT.N after the medical device maker warned that its quarterly profit would be impacted after Hurricane Maria hit its operations in Puerto Rico. .N
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.01 percent or 0.45 points to 8009.8, as gains across industrials and information technology stocks were offset by falling materials and healthcare stocks.
New Zealand electronic retail card spending rose 0.1 percent in September, while actual sales rose 2.9 percent from the same month a year ago, Statistics New Zealand said on Tuesday. International Airport Ltd AIA.NZ rose about 1 percent, while Xero Ltd XRO.NZ rose about 1.7 percent.
On the other hand, Fletcher Building Ltd FBU.NZ fell about 1.4 percent, while Ryman Healthcare Ltd RYM.NZ shed nearly 2 percent.