The local share market is down slightly in early trade, with the mining and financial sectors seeing falls across the board.

The benchmark ASX 200 has dropped 0.7 per cent to 4,325, while the All Ordinaries Index was 0.6 per cent lower at 4,386 at 10:55am (AEDT).

Qantas and Virgin Australia shares bucked the trend, with both airlines in the top three of the largest gainers in morning trade.

Qantas shares rose almost 6 per cent to $1.63 after this morning's decision by Fair Work Australia (FWA) to end industrial action against the airline.

It is the airline's highest share price in nearly two months.

Rival airline Virgin Australia jumped even higher, up 7 per cent to 39c.

Travel agencies were hit, however, with Flight Centre down 23 cents to $19.24 and travel booking website Webjet down 1 cent to $2.40.

Qantas boss Alan Joyce says he anticipates the airline's fleet will return to the skies in the next 24 hours.

Ordering an immediate end to all industrial action by the airline and unions, FWA said it was acting to prevent significant damage to the tourism and airline industries.

The Australian dollar was down slightly after the share market opened.

It was buying 106.7 US cents, 80.9 Japanese yen, 66.2 British pence, 75.4 euro cents and $NZ1.30.

On commodities markets West Texas crude oil was up slightly to $US93.40 a barrel, while Tapis crude eased down to $US120 a barrel.

Spot gold was buying $US1,743 an ounce.