The Australian share market has closed flat after losing ground in the morning, but recovering those gains in the afternoon.

The S&P/ASX200 benchmark index finished on Monday up just 1.9 points, or 0.03 per cent, at 5,944 points, after being down 61.5 points shortly after the open and up 30 points in midafternoon trading.

The All Ordinaries index closed down 3.6 points, or 0.06 per cent, at 6,058.

The Australian dollar was buying 68.58 US cents, down from 68.59 US cents at the close of trade on Friday.