Australian sharemarket treads water as gains in material sector counter falls in bank stock

BHP soared as the rest of the market traded sideways. Picture Newswire/ Gaye Gerard. BHP soared as the rest of the market traded sideways. Picture Newswire/ Gaye Gerard. Credit: News Corp Australia Strong iron ore prices and a lead in from Wall Street was not enough to lift a lagging day of trading on the Australian sharemarket. The ASX 200 index finished down 1.9 points or 0.02 per cent to 8595.8 on a sea sawing day of trading which saw it hit a three-week high of 8623.60 then dipping to an intraday low of 8543.2. The broader All Ordinaries closed…