Australian stocks are flat in early trade, but significantly managing to hold on to six month highs reached during Friday's trade.

Financial stocks are holding the market back, with both Westpac (WBC) and Macquarie Group (MQG) paying out shareholder dividends. WBC which is paying a 74c fully franked dividend is down 90c or 3.9pct to $22.46 while MQG, which is paying a dividend of 86c per share, is down 28c or 0.8pct to $37.14.

Mining stocks are generally performing well, after the price of copper hit record highs on Friday. Shares in Rio Tinto (RIO) are firmer by 1.1pct to $88.13.

Qantas (QAN) is down a further 3.5pct to $2.76 after announcing it has uncovered more problems with its A380 fleet.

Shares in rural logistics provider Graincorp (GNC) are firmer by 0.1pct to $8 with news incoming Chief Financial Officer Alistair Bell will start at the company next week.

The Australian dollar remains well supported and at 11.40am AEDT is worth US101.6c, £0.628 and €72.27c.