The benchmark S&P/ASX200 index had been down by as many as 45.6 points in early morning trading but managed to finish Monday up 1.9 points at 8,636.4, while the broader All Ordinaries gained 8.7 points, or 0.1 per cent, at 8,915.7.
Dip-buyers might have been snapping up bargains after three straight weeks of losses. The ASX200 has struggled since hitting an all-time high of 9,115.2 on October 21, falling more than five per cent since then.
The Reserve Bank is scheduled to release minutes of its November 5 meeting on Tuesday, which could provide insight into whether officials expect any more rate cuts to be forthcoming.Â
The ASX's RBA Rate Tracker on Friday gave just six per cent implied odds that Australia's central bank would cut rates at its December 9 meeting.
Four of the ASX's 11 sectors finished lower on Monday, with seven gaining ground.
Energy was the biggest mover, climbing 1.1 per cent as Ampol rose 3.8 per cent and Viva Energy added 3.2 per cent.
In the financial sector, the big four banks were mixed.
CBA dropped 1.0 per cent to $155.79, its lowest level since mid-April, while Westpac added 0.6 per cent to $39.03 and ANZ rose 0.5 per cent to $36.18. NAB was flat at $41.47.
In the material sector, IperionX shares had a wild ride on their resumption of trading following a two-day suspension after the US-based titanium and critical minerals company was targeted by a short seller alleging inaccuracies in its accounts.
IperionX said in response that Spruce Point Capital had never engaged with it or requested to visit its titanium manufacturing operations in Virginia, and that its financial statements were prepared in accordance with Australian accounting standards.
IPX shares finished down 3.0 per cent to a more than three-month low of $5.44, but at one point changed hands as low as $4.24, a 24 per cent drop from Wednesday's close.
In the heavyweight mining sector, BHP dropped 0.6 per cent to $42.48, Rio Tinto gained 0.6 per cent to $132.59 and Fortescue added 1.1 per cent to $20.46.
The Australian dollar was buying 65.23 US cents, from 65.37 US cents at Friday's ASX close.
ON THE ASX:
* The S&P/ASX200 gained 1.9 points, or 0.02 per cent, to 8,636.4
* The broader All Ordinaries rose 8.7 points, or 0.1 per cent, to 8,915.7
CURRENCY SNAPSHOT:
One Australian dollar trades for:
* 65.23 US cents, from 65.37 US cents at 5pm on Friday
* 100.85 Japanese yen, from 100.88 Japanese yen
* 56.22 euro cents, from 56.11 euro cents
* 49.60 British pence, from 49.69 British pence
* 115.04 NZ cents, unchanged
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