Miners rally as banks fall Australian miners have rallied but the local share market is lower as banks weigh down investor sentiment. All of the four big banks lost ground but major miners Rio Tinto and BHP were in positive territory on Friday. Invast analyst Peter Esho said it was a sign of things to come. "What we're seeing in the market is some growing optimism around the materials sector," he said. I think materials are set for a sustained recovery over the next couple of months. Mr Esho said he believed the resources sector was beginning to take some of the gloss off the banks. "I think there's growing scepticism around the way that the banks are run up," he said. So, I think that's what we're seeing on the market - some money flowing back into the materials stock, which has been a big lagger, and some profit coming off the financials. The Commonwealth Bank was down 30 cents at $72.70, ANZ had shed 18 cents at $29.21, NAB had lost 22.5 cents at $30.52, and Westpac was 18 cents lower at $30.73. Among the miners, Rio Tinto shares were up 91 cents, or 1.53 per cent, at $60.39, a day after the company announced a 71 per cent drop in half-year profit. "Nobody was really spooked by that," Mr Esho said. As the iron ore price remains solid, it helps their earnings space. With that in mind, on balance, it was more positive than negative. BHP Billiton was up 69 cents at $36.00, and Fortescue Metals was 19 cents higher at $3.99. At 1215 AEST on Friday, the benchmark S&P/ASX200 index was down 16.9 points, or 0.33 per cent, at 5,047.9. The broader All Ordinaries index was down 15.9 points, or 0.32 per cent, at 5,031.2. On the ASX 24, the September share price index futures contract was one point lower at 5000 with 19,183 contracts traded. National turnover was 703 million securities worth $1.6 billion.