Australian stocks start to slip

Matthew Dawson of Australia celebrates after he scores during the final match between Australia and Belgium on day ten of The Hero Hockey League World Final in India. Ian MacNicol/Getty images

Australian stocks jumped higher in early trade but later lost momentum.

Last week’s 1% loss was quickly overturned with ASX 200 up 1.41%.

All but energy stocks added weight with local investors buoyed by Wall Street where the S&P 500 closed 2.1% higher.

By midday, however, the local market was slipping.

A short time ago the ASX 200 was at 5,160.70, up just 9.09 points or 0.18%.

The major banks lost most of their gains but were still above water.

BHP, which opened up 1.45%, was up just 0.39% to $18.00.

Santos was dragged down more than 7% to $4.09 as more falls in the price of oil hit energy stocks. Woodside Petroleum was down 2.4% to $28.36.

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