The share market has made a steady start to the week as renewed concern over tensions in Ukraine weighs on global markets.

Wall Street and European markets lost ground on Friday as Ukraine ratcheted up military operations against pro-Russian rebels in the country’s east.

Despite the weak lead, the local market had managed to hold well above the 5,500 point mark in early trade, IG market strategist Stan Shamu said.

“Heightening Ukraine-Russia tensions remain a concern, which is limiting any upside for most of the cyclical stocks,” he said.

“Most of the resource names are trading lower, including BHP and Rio, but gold stocks are doing OK because gold tends to be a good safe haven play when the Russia situation is escalating.”

BHP Billiton was down 14 cents at $38.14 while Rio Tinto was down 30 cents at $62.68 and Fortescue Metals was five cents lower at $5.29.

Gold miner Newcrest had gained 33 cents, or more than three per cent, to $10.58.

The big four banks were relatively flat, with the Commonwealth Bank up two cents at $78.91, ANZ up two cents at $34.69, Westpac steady at $35.78 and NAB down two cents at $35.79.

Shares in food company Goodman Fielder are expected to open higher after rejecting a $1.27 billion takeover from two Asian companies.

The shares will begin trading at 1100 AEST.

KEY FACTS

* At 1025 AEST on Monday, the benchmark S&P/ASX200 index was down 1.1 points, or 0.02 per cent, at 5,529.9.

* The broader All Ordinaries index was down 2.3 points, or 0.04 per cent, at 5,513.2.

* On the ASX 24, the June share price index futures contract was 10 points lower at 5,520, with 7,339 contracts traded.

* National turnover was 35 million securities worth $568 million.