Banks help stock market edge higher after early slump

Seven of 11 sectors were in the red as the close approached, with three trading higher and utilities stocks trading flat.

Financials led the gains, lifting 1.0 per cent with solid performances from the big four banks as they continued to catch bids after slipping in late February and early March.

The Australian dollar is buying 62.75 US cents, trading on par with Friday afternoon's 62.89 US cents after a Monday morning rebound lost steam.