The local share market is trading fairly flat in early trade, following a mixed offshore lead. US stocks ended relatively unchanged while base metals prices were mostly weaker on the London metals exchange.

Financial stocks are posting the best gains, with the sector up 0.7pct in early trade. Shares in the ANZ Bank (ANZ) have risen 1.4pct to $23.40 after the lender failed in its bid to win control of the Korea Exchange Bank. Westpac (WBC) is up 1.1pct to $22.16.

Shares in AXA Asia Pacific (AXA) have risen 1.6pct to $6.27 with five of the company's six directors recommending AMP Limited (AMP)'s takeover for the company. AMP shares are down 0.6pct to $5.42.

Index leader BHP Billiton (BHP) is slightly higher, up 0.2pct to $44.24 while Rio Tinto (RIO) has lost 0.9pct to $86.28.

AWB Limited (AWB) has risen 0.2pct to $1.4925 with the majority of shareholders expected to approve Agrium's $1.50 per share all cash bid for the company.

The Australian dollar has lost ground against the greenback following the release of the latest minutes from the Reserve Bank Board's November meeting. At 11.40am AEDT the Aussie is worth US98.28c, £0.6129 and €72.42c.