The benchmark stock index was up 0.4 per cent, with telecom and retail shares trading higher, but mining and energy shares continue to weigh down the market.
Wall Street on Friday extended a seven-week rally after upbeat US jobs and factory data raised hope of stronger corporate earnings. The Dow Jones industrial average closed 0.61 per cent higher, while the S&P 500 gained 0.63 per cent.
“We are expecting further volatility in the short term,” CommSec market analyst Steven Daghlian said.
“There are a few things in terms of economic news for the local market to look at. We will wait and see if that moves the needle a bit.”
Economic data expected this week include the release of Australian Bureau of Statistics building approval figures for February and the Melbourne’s Institute inflation gauge.
The Reserve Bank of Australia is expected to keep interest rates on hold at its board meet on Tuesday, but investors will focus on comments about the rising Aussie dollar in its post-meeting statement.
In the local market, mining and energy shares on Monday were among the key losers.
Global miner BHP Billiton dropped 27 cents or 1.6 per cent to $16.70, but Rio Tinto was trading marginally higher at $43.30.
Energy giants Woodside Petroleum lost 16 cents to $25.51, Santos fell five cents to $3.87, while Origin Energy was down six cents at $4.84, as oil futures slipped below $US39 per barrel again.
Among the major banks, National Australia Bank rose 30 cents at $25.99, Commonwealth Bank added 55 cents to $73.52, Westpac gained 22 cents to $29.87, while ANZ climbed 12 cents to $22.94.
KEY FACTS:
* At 1045 AEDT, the benchmark S&P/ASX200 index was up 23.6 points, or 0.47 per cent, at 5,023 points.
* The broader All Ordinaries index was up 22.8 points, or 0.44 per cent, at 5,096.6 points.
* The June share price index futures contract was up 30 points at 5,006 points, with 12,924 contracts traded.
* National turnover was 390.90 million securities traded, worth $465.98 million.
AAP
