Australian shares slipped at noon, with energy and banking stocks continuing to weigh heavily amid post-APEC trade tensions.

The benchmark S&P/ASX200 index was down 26.5 points, or 0.46 per cent, to 5,704.1 at 1200 AEDT on Monday, while the broader All Ordinaries was down 26 points to 5,796.8.

The Australian dollar was buying 73.20 US cents, up from 72.68 cents on Friday.

Energy stocks remained the biggest drain on the local bourse, with the sector down 1.28 per cent despite steady oil prices.

Caltex led the losses, down 2.21 per cent to $26.29, with Santos, Origin, Woodside Petroleum, Soul Pattinson, and Oil Search down by between 0.65 and 1.18 per cent.

The heavyweight financials were also dragging at lunch, with each of the big four banks still in the red, most notably ANZ, down 0.83 per cent to $25.15.

NAB, Commonwealth, and Westpac were down by between 0.63 and 0.83 per cent, while Macquarie Group fell 1.29 per cent to $117.46.

The big miners were both down – despite stronger metals prices – with Rio Tinto falling 0.28 per cent to $79.09 and BHP joining them with a 0.09 per cent drop to $32.22.

South32 and BlueScope Steel fell 1.63 per cent and 1.29 per cent respectively, Fortescue Metals dropped 1.33 per cent, but the gold miners were up on stronger precious metal prices.

Tech stocks plummeted more than 1.3 per cent on heavy losses for Xero, Wisetech, Link, and Afterpay, while healthcare shares were flat

Telcos were slightly ahead with Telstra buying $3.04.

Elsewhere, Fairfax shareholders have voted in favour of the proposed merger with Nine Entertainment, with the soon-to-be-absorbed company’s share price up 3.25 per cent to 63.5 cents.

Shares in Nine jumped 3.22 per cent to $1.6825.

Meanwhile, troubled retailer Myer is trading 5.56 per cent lower after resuming trading following speculation over its fraught finances.

Earlier, Australia signalled it would ramp up co-operation with the Pacific after the weekend’s Asia-Pacific Economic Cooperation summit ended in a tense dispute between China and the United States, with leaders unable to agree on a post-summit communique for the first time in history.