Stocks struggled to hold onto early gains for a second straight session as financial stocks peeled back from recent highs.
At luncthime the ASX 200 was down 4 points or 0.09% at 4748 and well off an early high of 4786 despite a reasonable lead from Wall Street on Friday. Most sectors were positive but financial stocks were a deadweight at -0.5%. Defensive sectors were in vogue ahead of a busy week in the US, with telecoms up 0.7%, utilities +0.5% and consumer staples +0.3%.
Asian markets were mixed in early trade. Singapore advanced 0.59% and South Korea fell 0.7%. Japan is closed for a holiday. Dow futures were neutral at -1. The spot gold price was little changed. Crude oil futures gave back early gains to recently trade down 10 cents at $72.18.
Quiet morning here. This market looks like it's badly in need of some direction. Just one completed trade but decent - caught MLT just after open for 30 points. Added MTN at 72.
