Australian stocks are giving back a little today, after profit takers moved in on Wall Street overnight, sending the Dow Jones Index off two year highs.

Woodside Petroleum (WPL) shares are one of the biggest drags, down almost 6pct in early trade to $43.14 after Shell completed sell-down of its 10pct stake in the company, valued at $3.3 billion. BHP Billiton (BHP) has been touted as a potential acquirer of part of the stake. BHP shares are down 0.8pct to $44.81.

Gold stocks are amongst the best buys, after the price of the precious metal soared to record highs overnight. Investors snapped up the precious metal as a hedge against US inflationary concerns. Shares in Australia's largest gold producer Newcrest Mining (NCM) are firmer by 2pct to $43.52 while Anglo Gold Ashanti (AGG) is stronger by 1.5pct to $9.73. Shares in OceanaGold Corp (OGC) are higher by 1.7pct to $3.68 while Eldorado Gold Corp (EAU) is up 1pct to $18.62.

Financial stocks are generally lower, with the exception of Westpac (WBC) shares which are up 0.2pct to $22.34, reclaiming some of yesterday's hefty losses.

Shares in Seven Group Holdings (SVW) are firmer by 1.2pct to $7.70 on a profit upgrade. Meanwhile the Ten Network (TEN) says James Packer and Lachlan Murdoch have accepted seats on its board. TEN shares are higher by 3.1pct to $1.49 at lunchtime.

The Australian dollar has lost ground against the greenback and at 11.15am AEDT is worth US$1.008, £0.6277 and €72.81c.