After a soft start the Australian share market has finished in the black with the index bolstered by the financial sector.
The benchmark S&P/ASX200 index closed 19.5 points higher or 0.33 per cent, at 5941.3 at 1630 AEDT on Monday, while the broader All Ordinaries was up 0.27 per cent.
The Australian dollar was dragged down by a strong US dollar following the US Federal Reserve last week reaffirming plans to raise interest rates from December onwards. The Aussie was buying 72.17 US cents down from 72.42 on Friday.
One of the heaviest weights on the market and the worst performer of the big four banks was ANZ trading ex-dividend and finishing 2.95 per cent lower at $26.33, while Macquarie Group also went ex-dividend closing 1.3 per cent lower at $122.03.
NAB also finished in the red down 0.08 per cent, while Commonwealth Bank and Westpac both finished higher at 1.16 per cent and 0.14 per cent respectively.
Energy stocks have performed surprisingly well despite crude oil ending Friday with its 10th straight session of losses, marking the longest losing streak in about 34 years.
“Last night one of the largest oil exporters in the world Saudi Arabia came out and said they are looking to cut production to limit supply due to demand being softer and to get the price of oil back up,” CommSec market analyst James Tao told AAP.
Oil Search Ltd rose 2.21 per cent to $7.87, while Santos was up 1.25 per cent to $6.50, and Woodside Petroleum gained 1.27 per cent to $34.20.
Major miner Rio Tinto hit a four-month high, up 1.66 per cent to $82.58.
Following Woolworths announcement on Friday afternoon that they sold 540 petrol stations for $1.72 billion to a British buyer, EG Group, they were one of the best performers of the day finishing 1.39 per cent higher at $29.83.
Despite falling cattle prices and a dry winter, agribusiness Elders managed to shield themselves from the worst impacts of the drought with shares jumping more than 13 per cent.
While Elders net profit for the 12 months to end of September dropped 38 per cent to $71.6 million, full-year underlying profit lifted 9.1 per cent to $63.7 million.
ON THE ASX:
* The benchmark S&P/ASX200 index closed 19.5 points higher or 0.33 per cent, at 5941.3 at 1630 AEDT on Monday
* The All Ordinaries was 16.2 points higher or 0.27 per cent, at 6027.2
* At 1630 AEDT, the SPI200 futures index up 20 points, or 0.34 per cent, at 5931 points
CURRENCY SNAPSHOT AT 1630 AEDT:
One Australian dollar buys:
* 72.17 US cents, from 72.44 US cents, cents on Friday
* 82.28 Japanese yen, from 82.52
* 63.81 euro cents, from 63.84
* 55.93 British pence, from 55.52
* 107.17 NZ cents, from 107.47
The spot price of gold in Sydney at 1630 AEDT was $1208.72 per fine ounce, from US1219.32 on Friday.