Shares have improved on the Australian market amid broader gains in Asia Pacific as investors eye economic recovery as lockdowns ease.
The S&P/ASX200 benchmark index was higher by 0.6 points, or 0.01 per cent, at 6058.5 points at 1200 AEST on Monday.
The index had earlier hit a low of 6031.7 points, before pulling back on encouraging data. The All Ordinaries index was 4.9 points, or 0.08 per cent higher, at 6168.6. Job advertisements data from ANZ showed a jump of a record 42 per cent in June as the Australian economy re-opened from coronavirus lockdowns.
But sentiment remains clouded by worries of rising COVID-19 cases in the US and some countries in Europe reimposing restrictions due to a resurgence in cases.
In the local market, information technology was the best performing sector, with shares up 0.83 per cent, followed by utilities.
The big four banks had improved to all be trading around 1.0 per cent higher.
Among the heavyweight miners, BHP dropped 1.02 per cent to $35.89, Rio lost 1.01 per cent to $95.41 and Fortescue shed 0.89 per cent to $13.89.
Shares in Afterpay were up 0.93 per cent to $68.13 after it said Qantas’ Frequent Flyer members will be able to earn points by using the electronic payments technology. Qantas shares dropped 0.65 per cent to $3.79.
Mayne Pharma shares jumped 6.1 per cent jump to 43 cents after it struck a deal with Novast Laboratories of China to manufacture 13 oral contraceptives for the US. Five of the products are new, and four of these have been approved by US regulators.
Event Hospitality shares were down by 2.93 per cent to $8.62 after the cinema and hotel operator said it will suspend dividend payments as it deals with the impact of the coronavirus pandemic.
Event will not pay a final dividend for the year ended June 2020 or an interim dividend for the half year ending 31 December 2020.
Building materials supplier Adbri, formerly Adelaide Brighton, appeared to still be suffering from last week’s news its lost a $70 million contract with Alcoa, with its shares lower by 6.81 per cent to $2.19.
The Australian dollar was buying 69.56 US cents at 1200 AEST, higher from 69.36 US cents at the close of trade on Friday.