ASX rebounds as banks, mining sector gain

The futures market is pointing to a fall for the ASX at the start of trade. (AAP)

The ASX200 has rebounded from morning losses to close almost 15 points higher, helped by the finance and material sectors, while Telstra closed up 1.6 per cent.

The Australian share market has closed higher as the heavyweight mining and financial sectors shrugged off their morning losses.

After falling by as many as 33 points before noon, the benchmark S&P/ASX200 index closed up 14.6 points, or 0.22 per cent, to 6,665.4 points at 1615 AEST on Monday.

The broader All Ordinaries finished up 11.2 points, or 0.17 per cent, to 6,745.5.

"It's looking pretty good," said Bell Direct market analyst Julia Lee, noting the contributions of the banks, with the financial sector up 0.25 per cent as a whole.

Among the big four, Commonwealth was up 0.6 per cent to $82.70, ANZ up 0.5 per cent to $28.68, Westpac up 0.4 per cent to $28.33 and NAB up 0.3 per cent to $26.94.

"Telstra's also doing well," Ms Lee said. It closed up 1.6 per cent to $3.84, close to a two-year high set earlier this month and up 35 per cent since the start of the year.

The mining sector was up 0.2 per cent as a whole, with BHP up 0.4 per cent to $41.20 and Rio Tinto up 0.2 per cent to $101.73 while Fortescue Metals dropped 0.6 per cent to $8.82.

Property was the best-performing sector, up 1.36 per cent, with Mirvac Group up 2.5 per cent to $3.23, Stockland up 2.1 per cent to $4.41 and Goodman Group up 1.5 per cent to $15.31.

Consumer staples were the worst performers, down 0.7 per cent, dragged down by Metcash after the IGA supplier announced a decline in food earnings and higher finance costs.

Metcash shares fell 9.84 per cent to $2.84 and Coles was down 2.3 per cent to $13.11 but Woolworths gained one cent to close at $33.

Mining services company Ausdrill was the best-performing stock among the ASX200, up 10.5 per cent to $1.74 after its subsidiary Barminco won a five-year underground mining contract in Botswana worth $800 million.

Aveo was down 5.3 per cent to $1.97 after the retirement home operator said it expected a fall in its full-year profit.

Fuel refiner and retailer Viva Energy Group was up 4.43 per cent to $2.12 despite cutting its half-year core retail earnings guidance.

Afterpay Touch gained for a fifth straight day, closing up 3.9 per cent to $24.78.

The Aussie dollar is buying 69.59 US cents, from 69.22 US cents on Friday.

In cryptocurrency, the price of Bitcoin surged over $US10,000 ($A14,400) for the first time since March 2018 late on Friday and briefly touched $US11,000 ($A15,900) over the weekend.

At 1638 AEST, Bitcoins were selling for $A15,492 on Australian exchange BTC Markets and US$10,729.98 on Luxembourg-based exchange Bitstamp.

ON THE ASX:

* The benchmark S&P/ASX200 index was up 14.6 points, or 0.22 per cent, to 6,665.4 points at 1630 AEST on Monday.

* The All Ordinaries was up 11.2 points, or 0.17 per cent, to 6,745.5.

* At 1630 AEST, the SPI200 futures index was up five points, or 0.08 per cent, to 6,593.

CURRENCY SNAPSHOT AT 1630 AEST:

One Australian dollar buys:

* 69.55 US cents, from 69.22 US cents on Friday

* 74.72 Japanese yen, from 74.27 yen

* 61.09 euro cents, from 61.34 cents

* 54.53 British pence, from 54.54 pence

* 105.17 NZ cents, from 105.22 cents

Source AAP

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