Australia's share market has finished higher after a weak start, with a late rally for the banks counterbalancing a mining sector slump.
The benchmark S&P/ASX200 gained 36.6 points on Monday, up 0.41 per cent to 9,031.9 as the broader All Ordinaries rose 31.4 points, or 0.34 per cent, to 9,324.6.
The positive finish came after a morning dip as gold miners sold off, but a surge in financial stocks after Asian markets opened was enough to help the top-200 close above 9000 points for the third time in history.
"So it's a rotation out of mining stocks, after that sector has outperformed and run pretty hard," Pepperstone head of research Chris Weston told AAP.
"And we're seeing a bit of love back into the financials again and some of the REIT (real estate investment trust) stocks."
Nine of 11 local sectors ended the day higher, led by financials (+1.5 per cent), real estate (+1.1 per cent) and IT stocks (+0.9 per cent).
Gold miners sold off dramatically after leading the raw materials segment to multiple records the week before, as the spot price eased to $US4,259 ($A6,548) an ounce from nearly $US4,380.
Shares in Northern Star, Evolution and Newmont tumbled between 3.6 per cent and 5.7 per cent.
BHP was sluggish, down 1.1 per cent as iron ore prices continued to consolidate around $US105 a tonne, while competitors Fortescue and Rio Tinto traded flat.
Rare earths and critical minerals miners were mixed ahead of a meeting between US President Donald Trump and Australian Prime Minister Anthony Albanese.
Mr Albanese is expected to request a price floor on critical minerals to ensure the viability of new projects.
Lynas Rare Earths rallied more than six per cent, Iluka Resources swung a similar amount in the opposite direction, and lithium plays Pilbara Minerals and Liontown edged higher.
Commonwealth Bank surged more than two per cent to $172.70, leading the big four higher and helping the financials sector to its highest-ever close at a combined value of almost $950 billion.
Elsewhere in the segment, major insurers were strong and buy-now, pay later provider Zip Co gained 4.5 per cent after upgrading its projected US transaction values.
Consumer discretionary stocks edged 0.1 per cent higher despite shares in Autobarn owner Bapcor nosediving to 10-year lows after revealing "poor operational practices" would cut a $12 million hole in its bottom line.
Energy stocks pushed 0.4 per cent higher with decent performances in oil, gas and coal producers, while uranium plays sold off.
Deep Yellow was the top-200's worst performer, tanking almost 19 per cent after announcing the sudden departure of boss John Borsho.
The Australian dollar is buying 65.07 US cents, up from 64.76 US cents on Friday at 5pm, as fears softened around US-China trade stoush over rare earths and key technology exports.
ON THE ASX:
* The S&P/ASX200 rose 36.6 points, or 0.41 per cent, to 9,031.9
* The broader All Ordinaries gained 31.4 points, or 0.34 per cent, to 9,324.6
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 65.07 US cents, from 64.76 US cents on Friday
* 98.03 Japanese yen, from 96.96 Japanese yen
* 55.74 euro cents, from 55.24 euro cents
* 48.41 British pence, from 48.08 British pence
* 113.36 NZ cents, from 112.91 NZ cents
