SYDNEY, Sept. 11 -- The Australian market opened higher on Monday, despite a poor lead from the U.S. index.
At 10:50 (AEST), the benchmark S&P/ASX 200 index was up 29.10 points or 0.51 percent at 5,701.70, while the broader All Ordinaries index rose 25.90 points or 0.45 percent at 5,765.30.
"Although we have seen good support for the banks and we are up as a whole, the market is being held back by quite significant selling of the big mining stocks this morning," CMC chief market analyst Ric Spooner told Xinhua on Monday.
This is because there was a sharp sell off of metals and oil prices on Friday.
"Oil was sold because of the impact of Hurricane Irme, but the metals markets I think were just a case of good old fashioned profit taking after a strong run," Spooner said.
The Commonwealth Bank gained 0.89 percent, Westpac Bank soared 1.33 percent, National Australia Bank lifted 0.93 percent and ANZ rose 0.71 percent.
BHP sank 2.64 percent, Rio Tinto dived 2.37 percent, Fortescue Metals plummeted 3.25 percent and Newcrest Mining slumped 2.66 percent.
Woodside Petroleum dipped 0.38 percent, Santos was flat at 0.00 percent, while Oil Search was boosted 0.74 percent.
Wesfarmers was up 0.57 percent and Woolworths edged higher at 0.08 percent.
Telstra increased 0.27 percent, Qantas surged 1.59 percent and CSL jumped 1.23 percent.