All Ords slightly higher at open, with BHP and Rio gaining and bank shares losing ground

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Australian share market

Australian shares have opened flat, with mining and banking shares pulling in opposite directions.

The benchmark S&P/ASX200 index was up 12.3 points, or 0.20 per cent, at 6,083.8 points at 1015 AEDT on Monday, while the broader All Ordinaries was up 14.6 points, or 0.24 per cent, at 6,150.8.

Mining giant BHP was up 1.70 per cent at the start of trade, while Rio Tinto rose 1.29 per cent and Fortescue Metals increased 2.15 per cent amid expectations of higher iron ore prices.

Gold miners also boosted the broader market after the precious metal increased in value over the weekend.

Newcrest Mining was up 1.48 per cent and Northern Star was up 1.54 per cent.

The major banks opened lower, with ANZ, Commonwealth Bank, NAB and Westpac down between 0.30 per cent and 0.63 per cent.

The Aussie dollar is buying 70.91 US cents, from 70.85 US cents on Friday.

With AAP 

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Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at laurens@thecapitalclub.com.au