Miners push market higher as banking rout continues

Australia's share market has begun the week on the front foot, with mining stocks providing support as banks continue to sell off.

The leading S&P/ASX200 index rose 57.6 points by midday on Monday, to be up 0.64 per cent to 9,116.5, as the broader All Ordinaries gained 58.8 points, or 0.63 per cent, to 9,328.5.

The nation's largest company, BHP, shot to a record high of $67.72 in early trade, backed by ongoing strength in copper prices and an uptick in iron ore futures.

Battery minerals producers also advanced, after PLS (formerly Pilbara Minerals) surged 6.5 per cent after reinstating its dividend following a more than 150 per cent surge in annual revenue to $1.9 billion.

Gold miners also broadly improved, the sub-index creeping 0.4 per cent higher as the precious metal hovered near $US4,617 ($A6,442) an ounce.

Banks continued to weigh on the exchange, as CBA led its big four competitors into the red with a one per cent dip to $156.42 per share, its lowest price since May.

"Investors continued to desert the heavyweight financials sector in response to recent trading and earnings updates that highlighted the impact of the federal government's significant taxation changes on the housing market and mortgage demand," IG market analyst Tony Sycamore said.

The energy segment was up less than 0.2 per cent, as oil prices started the week lower as traders took profits ahead of incoming US sanction announcements against Iran, weighing on Woodside and Santos.

Softer crude prices didn't impact Ampol, however, as the refinery operator shot three per cent higher after swinging to a $1.4 billion first-half statutory profit, up from a $25.3 million first-half loss a year earlier.

Coal miners also improved, but uranium stocks were a standout, with Paladin and Deep Yellow shares clocking double-digit gains in what has been a strong month for the commodity's price.

Consumer staples eased as a 4.6 per cent dive in Endeavour Group, which owns Dan Murphy's, dragged on the sector, after lower shelf prices and asset write-downs shrunk its full-year profit.

Discretionary retail stocks inched higher, on track for their first advance in six sessions after JB Hi-Fi and Temple & Webster's soft earnings last week ignited concerns about household spending.

In other earnings news, Bendigo and Adelaide Bank shares eased despite the lender growing its annual cash earnings by three per cent to $530.2 million.

Shares in health insurer NIB tumbled by more than a tenth as group revenue rose 6.2 per cent to $3.8 billion, and as its $186.9 million profit beat expectations.