The Australian share market has finished flat as gains among the miners were offset by falls in the financial sector.
IG’s market analyst Chris Weston said investors initially reacted cautiously to positive US jobs figures.
“The ASX 200 found sellers although there have been good gains in the materials space,” Mr Weston said.
“Record Port Hedland iron ore shipments and a higher ore price on Friday seems to have helped.
“Westpac has taken some wind out of the market’s sails.”
Shares in Westpac closed 42 cents lower after the bank revealed a record first half cash profit of $3.77 billion.
ANZ was 37 cents weaker at $33.97, Commonwealth Bank dropped 20 cents to $78.94, and National Australia Bank lost 36 cents to $34.20.
Bendigo and Adelaide Bank was in a trading halt after announcing that it would buy the Victorian government’s agribusiness lender Rural Finance Corporation for $1.78 billion.
It came after the US Labor Department said on Friday that nonfarm payrolls surged 288,000 last month, the largest gain since January 2012.
Among local resources stocks, BHP Billiton added 22 cents to $37.49, Rio rose 67 cents to $61.65, and Fortescue Metals fell five cents to $4.86.
Aquila Resources soared 89 cents, or 36 per cent, to $3.34 after rail operator Aurizon and Chinese steelmaker Baosteel Resources launched a $1.42 billion bid for the iron ore miner.
KEY FACTS
* At the close on Monday, the benchmark S&P/ASX200 index was 4.6 points, or 0.08 per cent, higher at 5,443.4.
* The broader All Ordinaries index was up 4.1 points, or 0.08 per cent, at 5,462.2.
* The June share price index futures contract was three points higher at 5,450, with 16,316 contracts traded.
* National turnover was 1.2 billion securities worth $3.1 billion.