OptionsXpress Ben Le Brun said higher oil prices had given energy stocks a boost, while ANZ’s trading ex-dividend was a major drag.
“The energy sector is up after we’ve seen the oil price jump up early in Asian trade, after the Canadian wildfires and also the changing of the guard in Saudi Arabia, and oil imports in terms of the trade balance data out of China,” Mr Le Brun said.
“There’s a lot to digest this morning.”
The Canadian wildfire has impacted that nation’s major sand oil region, while Saudi Arabia’s new energy minister Khalid al-Falih at the weekend said the world’s largest crude exporter was committed to meeting customer demand and would maintain its petroleum policies.
Meanwhile, Commonwealth Bank’s earnings were slightly lower than market expectations, he added.
However, CBA shares were up $1.33 at $75.68 at 1028 AEST, after it lifted its third-quarter cash earnings about 4.5 per cent to $2.3 billion.
Among the other major banks, ANZ was down 84 cents, or 3.34 per cent, at $24.30 as it traded ex-dividend.
National Australia Bank was 20 cents higher at $28.39, and Westpac was up 31 cents at $31.11.
In the energy sector, oil and gas producer Woodside Petroleum was up 57 cents at $27.53, while Santos was 15 cents better off at $4.26.
Resources giant BHP Billiton was up 33 cents at $18.79, Rio Tinto had lifted 22 cents to $47.97, and Fortescue Metals cents had firmed 5.5 cents to $3.165.
KEY FACTS:
* At 1036 AEST on Monday, the benchmark S&P/ASX200 index was up 17.2 points, or 0.33 per cent, at 5,309.2 points.
* The broader All Ordinaries index was up 17.9 points, or 0.33 per cent, at 5,376.5 points.
* The June share price index futures contract was up 45 points at 5,293 points, with 13,741 contracts traded.
* National turnover was 479.8 million securities traded, worth $693.9 million.
AAP
