The share market has broken a five day losing streak despite a sharp drop on China’s market denting the major banks.

The local market was more than one per cent firmer at noon but fell from there to close just 0.2 per cent higher, as Chinese shareholders reacted to a regulator’s decision late last week to suspend three brokerage giants for violating market rules.

The Shanghai Composite Index plunged 4.5 per cent on Monday, and that had a negative impact on the local big four banks, Australian Stock Report head of research Chris Conway said.

“It’s just put a bit of a scare into the market,” he said.

“Whether it does what people think it’s going to do remains to be seen but that’s the reason for today’s big falls from the highs.”

Firmer commodity prices lifted the big miners and energy players, although they too closed below their earlier highs.

“It’s definitely those sectors which are still holding the market in positive territory,” Mr Conway said.

Woodside Petroleum added one cent to $34.17, Oil Search gained 35 cents to $7.49 and Santos lifted five cents to $7.54.

BHP Billiton gained 66 cents to $27.71, Rio Tinto added 27 cents to $54.16, while Fortescue Metals shed three cents to $2.28.

Among the banks, ANZ was up two cents at $31.28 but Commonwealth Bank closed 47 cents weaker at $83.10, Westpac lost 13 cents to $32.63 and National Australia Bank dropped five cents to $33.32.

Macquarie Group was one of the best performers, up $2.96, or 5.35 per cent, to $58.25 after forecasting growth of up to 20 per cent in full year profit.

KEY FACTS

* At the close on Monday, the benchmark S&P/ASX200 index was up 9.9 points, or 0.19 per cent, at 5,309.1 points.

* The broader All Ordinaries index was up 10.2 points, or 0.19 per cent, at 5,289 points.

* The March share price index futures contract was 34 points higher at 5,265 points, with 29,200 contracts traded.

* National turnover was 1.4 billion securities worth $4.3 billion.