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.