Aust shares lower

The Australian share market made stronger than expected gains at the opening before quickly retreating to be slightly weaker.

US stocks provided a positive lead over the weekend with the Dow Jones index closing at a fresh record high.

However falls in the iron ore price to 18 month lows and China's growth approaching its lowest level since 1990 are weighing on mining stocks.

The market was 0.4 per cent higher in early trade before pulling back.

Morgans senior private client adviser Bill Chatterton said he did not think investors would be willing to do anything too dramatic before Australia's federal budget was announced on Tuesday night.

"The market has responded to what has been drip-fed so far a little bit to the positive and negative," he told AAP.

"The pundits will pull it to bits tomorrow when we have another look at it and then we might get a little bit of impact if there's anything that comes completely from left field."

In the banking sector, ANZ was up six cents to $32.78, Commonwealth Bank was 18 cents higher at $79.64, Westpac lifted 13 cents to $35.07 and National Australia Bank added nine cents to $34.47.

In the resources sector, BHP Billiton had fallen 36 cents to $36.98, Rio Tinto had dumped 30 cents to $60.65 and and Fortescue Metals had lost seven cents to $4.74.

Explosives and fertiliser maker Incitec Pivot said it had lifted its first half revenue seven per cent and net profit to $115.7 million for the six months to March 31, up from $107.9 million.

Its shares were up one cent to $2.83.



KEY FACTS

* At 1035 AEST on Monday, the benchmark S&P/ASX200 index was 4.0 points, or 0.07 per cent, lower at 5,456.8.

* The broader All Ordinaries index was down 4.3 points, or 0.08 per cent, at 5,437.7.

* On the ASX 24, the June share price index futures contract was 12 points lower at 5,443, with 6,840 contracts traded.

* National turnover was 303 million securities worth $433 million.