Surprisingly strong retail sales figures have failed to inject extra momentum into the Australian market, as investors look to resource stocks for new gains.
Australian retail spending rose 0.8 per cent in September, double market expectations.
The news helped department store stocks but not the overall share market, Invast Securities chief market analyst Peter Esho said.
"A lot of the turnaround in consumer sentiment and spending's been priced in," he said.
"The retail stocks are up off the back of the retail sales numbers but they're getting to levels that are a little bit rich and they're not that statistically significant to the overall market."
David Jones added 13 cents, or 4.48 per cent, to $3.03 while rival Myer found eight cents, or 3.2 per cent, to $2.58.
Meanwhile, Australia's third-largest bank by market capitalisation, Westpac, continued the trend of banks breaking earnings records with a $7.1 billion full year profit.
However, its shares were two cents weaker at $34.56.
"The stock's run really, really hard going into the result over the past year - it's gone from a low of $24 to $34.50," Mr Esho said.
The other major banks were all posting gains, with National Australia Bank six cents higher at $35.69, Commonwealth Bank up 47 cents to $76.27 and ANZ six cents better at $33.78.
Among the miners, diversified giant BHP Billiton rose 4.5 cents to $37.575 while Rio Tinto gained 45 cents to $63.99.
The stand-out was iron ore miner Fortescue, which was 15 cents, or 2.91 per cent, stronger at $5.31 following a $3.40, or 2.5 per cent, rise to $US135.30 a tonne for the spot price of iron ore price on Friday.
"The iron ore prices remain very resilient and the iron ore names have shown resilience, and they're starting to move from a very low base," Mr Esho said.
- At 1200 AEDT on Monday, the benchmark S&P/ASX200 index was up 7.3 points, or 0.13 per cent, at 5,418.4.
- The broader All Ordinaries index was up 5.7 points, or 0.11 per cent, at 5,412.2.
- The December share price index futures contract was 14 points higher at 5,404, with 9,498 contracts traded.
- National turnover was 565.6 million securities worth $984.7 million.