The Australian share market is higher after positive leads from Wall St last week, but the opening gains have slowed.
Investors appear unwilling to push the market beyond the 5,550 mark, Invast chief market analyst Peter Esho says.
“I still think the Aussie market will trade in that range between 5,300 and 5,550 over the next month or so,” he said.
“Material stocks still lack a little bit of drive to push the market higher. I would be a seller at 5,550 and we’re not too far from that level.”
Trading volumes were also low, with markets in the US and UK closed on Monday for public holidays.
Australia’s major miners were making solid gains despite the price of iron ore falling further at the weekend to $US97.50 a tonne.
BHP Billiton had added 14 cents to $37.79, Rio Tinto found 32 cents at $60.86 and Fortescue Metals had firmed 5.5 cents to $4.565.
Among the major banks, Westpac had lifted two cents to $34.21, ANZ gained 12 cents to $33.72, National Australia Bank dipped 7.5 cents to $33.495, and Commonwealth Bank was approaching new record highs, lifting 12 cents to $81.43.
Making news, private equity group Pacific Equity Partners launched a $1.1 billion takeover bid for information services group SAI Global, as the latter sacked chief executive Stephen Porges.
SAI shares were up 74 cents, or 17.3 per cent, at $5.02.
KEY FACTS
* At 1208 AEST on Monday, the benchmark S&P/ASX200 index was 17.2 points, or 0.31 per cent, higher at 5,510 points.
* The broader All Ordinaries index was up 17.3 points, or 0.32 per cent, at 5,487.6 points.
* The June share price index futures contract was 11 points higher at 5,522 points, with 6,762 contracts traded.
* National turnover was 536.5 million securities worth $953.5 million.