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The Australian share market has given up early gains after hitting a fresh nine-month high despite a promising lead from a strong finish on Wall Street last week.
By noon on Monday, the benchmark S&P/ASX200 index was down 7.4 points, or 0.1 per cent, to 7,444.8. The broader All Ordinaries was down 5.6 points, or 0.07 per cent, to 7,660.7.
Trading volumes were low at the start of a holiday-shortened week, with major Asia Pacific markets including China, Hong Kong, Singapore and South Korea all closed.
The local index earlier rose as much as 0.3 per cent to a fresh nine-month high, after US markets rallied on Friday led by an earnings lift from Netflix and job cuts from Google's parent Alphabet.
But the gains could not be sustained with declines in heavyweight mining, healthcare and consumer stocks.
Energy stocks bucked the trend, climbing nearly 0.5 per cent after oil prices settled higher on Friday with economic prospects brightened in China, the world's second-biggest economy.
Shares in major oil and gas producers Woodside Energy and Santos were up 1.0 per cent and 0.5 per cent respectively.
Technology stocks also took a cue from their counterparts on Wall Street. The ASX-listed share of payments giant Block jumped 6 per cent to $108.53, while software maker Xero and Megaport were up more than 1.0 per cent each.
Financial stocks were mixed, with three of the Big Four major banks trading slightly in the green.
Among heavyweight mining stocks, iron ore miners BHP, Rio Tinto and Fortescue Metals were all trading lower. This was partly offset by gains in lithium shares with Pilbara Minerals leading the pack for a second straight session, climbing 6 per cent to $4.84.
Diversified miner South32 rose 1.3 per cent after posting a 24 per cent jump in its second-quarter metallurgical coal output.
Meanwhile, the Australian dollar was buying 69.86 US cents at noon, from 69.25 US cents at Friday's ASX close.
