The Australian share market is slightly lower at lunchtime in the East, following a muted offshore lead. The US Dow Jones Index broke through the 12000 point index for the first time since June 2008 overnight, however failed to close above that level.

Financial stocks are mixed, while the big miners are providing the most support, following strong momentum on the London Metals Exchange overnight. Rio Tinto (RIO) is trading higher by 0.8pct to $86.16.

Downer EDI (DOW) has announced a $250 million impairment charge due to ongoing delays with its Waratah train project in New South Wales. DOW shares are down 19.3pct to $3.65 at lunchtime in the East.

The Australian dollar is buying US99.6c, £0.6263 and €72.74c.