After a strong start the Aussie market has faded heading into lunchtime. The XJO leapt out of the blocks, trading as high as 4410 and defying the bearish leads provided by international markets, before rolling over back into breakeven.
The index is currently holding around 4390.
In company news, MPO is up 2.5% after it released a positive operation update in which its reaffirmed its CY12 production target.
Elsewhere, Greenland Minerals is had dropped 17.6% after it completed a 15 million capital rising at an 18.9% discount to its previous close.
Around the region, Asian markets are mixed; the Shanghai Composite has leapt 1.5% higher in early trade, whilst the Hang Seng in also positive, up 0.4%.
Conversely, the Nikkei is down 0.8%.