The Australian share market has closed almost flat as a small rally in mining and energy stocks outweighed a weak lead from US markets.
CMC Markets chief market analyst Ric Spooner said the Australian share market and some Asian markets were outperforming the US market.
The higher value of the US dollar and full valuations of stocks in the US were now holding back the US market.
Mr Spooner also said the resources-heavy local bourse was benefiting from a steadier price for iron ore and a lift in the price of copper.
“There’s been a minor rally in materials and energy stocks,” Mr Spooner said.
“There’s a bit of bargain hunting going on.”
On Friday on Wall Street, stocks closed weaker for the second straight day, following a decline in crude oil prices.
Also, US investors were skittish after the euphoria that followed the US Federal Reserve’s decision on Wednesday to lift interest rates for the first time in almost a decade.
On the local market, in the resources sector, global miner BHP Billiton was 26 cents richer at $17.13, Rio Tinto gained 42 cents at $42.88, and Fortescue Metals put on 4.5 cents at $1.77.
Oil and gas producer Woodside Petroleum lifted 38 cents to $27.14, and Santos improved 14 cents at $3.60.
Among the major banks, Commonwealth Bank rose 35 cents to $81.92, Westpac dipped three cents to $32.25, National Australia Bank found four cents at $28.82, and ANZ climbed 31 cents to $26.79.
Casinos operator Crown Resorts jumped 48 cents, or 4.14 per cent, to $12.08 after the company announced that its largest shareholder, billionaire James Packer, had stepped down from the board.
The announcement fuelled speculation that Mr Packer wants to privatise Crown.
Telstra fell four cents to $5.44 as it secured two contracts from the National Broadband Network, with combined first-year revenue of around $80 million.
Detention centre operator and takeover target Broadspectrum ascended 4.5 cents to $1.315 after it raised its earnings guidance.
KEY FACTS:
* On Monday, the benchmark S&P/ASX200 index was up 2.3 points, or 0.05 per cent, at 5,109.0 points.
* The broader All Ordinaries index was up 1.3 points, or 0.03 per cent, at 5,157.8 points.
* On the ASX, the March share price index futures contract was up eight points at 5,069 points, with 23,555 contracts traded.
* The price of gold in Sydney at 1700 AEDT was $US1,069.40 per fine ounce, up $US13.70 on Friday’s price of $US1,055.70.
* National turnover was 1.9 billion securities traded worth $3.9 billion.
