Australian shares reached an intraday record early on in the session but the gains didn't last. -AAP Image
Australian shares have reset their intraday record but handed back most of the day's gains.Â
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The S&P/ASX200 finished Monday up 16 points, or 0.18 per cent, to 8,983.4, as the broader All Ordinaries edged 21.5 points higher, or 0.23 per cent, to 9,255.8.
The top-200 hit a fresh intraday peak of 9,054.5 in early trade, but quickly reversed as buyers ran out of steam and opted to take profits instead.
Five of 11 local sectors finished higher, with materials rallying 2.9 per cent thanks to help from large-cap miners, while the heavyweight financial segment fell one per cent as funds rotated out of Australia's pricey bank stocks.
The Australian dollar is buying 64.94 US cents, up from 64.19 US cents on Friday at 5pm, after the greenback slumped on higher expectations of incoming interest rate cuts in the United States.
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