The stock market is flat despite a positive lead from the US market, with local investors unwilling to push prices higher.
US stocks rose on Friday after American employers added a better than expected 204,000 jobs in October.
The rise ended a recent trend of good economic data sending stocks lower, which had been caused by expectations fiscal stimulus would end when the economy showed signs of a sustained recovery, CMC Markets chief market analyst Ric Spooner said.
But the local market was not following Wall Street’s lead because shares were already “fully priced”, he said.
The market’s top 200 stocks are up by more than 16 per cent for the year to date.
The major banks, among the biggest companies on the market, were all weaker on Monday.
ANZ was down 30.5 cents at $32.405, Commonwealth Bank was down 58 cents at $78.52, NAB was down 18.5 cents at $34.595 and Westpac was 1.5 cents lower at $33.165.
Other major stocks to lose ground were Telstra, down 3.5 cents at $5.145, and Woolworths, down 11 cents at $34.65.
Miners were stronger, with BHP Billiton up four cents at $37.99, Rio Tinto up 20 cents at $65.45 and Fortescue Metals up seven cents at $5.53.
Fortescue on Monday said it would save $US50 million ($A53.42 million) in interest payments after repricing its debt.
Chemicals company Orica shares were up $1.77, or 9.1 per cent, at $21.31 after its full year profit rose above $600 million.
KEY FACTS
* At 1225 AEDT on Monday, the benchmark S&P/ASX200 index was up 3.1 points, or 0.06 per cent, at 5,403.8.
* The broader All Ordinaries index was up 4.6 points, or 0.09 per cent, at 5,399.
* The December share price index futures contract was up 12 points at 5,421, with 16,884 contracts traded.
* National turnover was 963 million securities worth $1.4 billion.
