Mining stocks are helping to lift the Australian share market, which is trading flat at lunchtime in the East following a negative start in the wake of a weak lead from Wall Street.

The National Australia Bank (NAB) is the biggest drag on the market, down 3.2pct or 80c to $24.63 as it pays out a 78c dividend to shareholders. Shares in the Bank of Queensland (BOQ) are lower by 3.4pct to $10.80 as it also trades ex dividend.

Firmer metals trade in London is however supporting the materials sector. Shares in BHP Billiton (BHP) have firmed by 0.7pct to $44.89 while Rio Tinto (RIO) is up 1.2pct to $88.40.

Myer Limited (MYR) shares are down 1pct to $3.85 after reporting a 1.5pct drop in 1Q sales.

Shares in Primary Health (PRY) are higher by 4.9pct to $3.20 after announcing a profit downgrade and that 290 staff will lose their jobs.

The Australian dollar is back below parity with the greenback as investors sell out of the Euro and flock to the US currency on Eurozone debt worries. One Australian dollar is worth US99.91c, £0.6198 and €73.19c.