Aust stocks flat at lunch

Local market fails to gain momentum in quiet trade, hovers just above 5100-mark.

The Australian stock market remained unchanged at noon in a lacklustre session on low volumes after a mixed result on Wall Street and European markets amid heightening concerns of yet another Greek bailout.

At 1205 AEST, the benchmark S&P/ASX200 index added 0.18% to 5,103.1 points, while the broader All Ordinaries index also increased 0.18%, to 5,117.7 points.

Materials gained, with the major miners in the black.

BHP Billiton rose 0.07% to $36.835, while Rio Tinto added 0.84% to $62.35.

Fortescue Metals increased 0.23% to $4.30.

Whitehaven Coal was flat at $2.05 and Newcrest fell 2.91% to $12.03.

In the energy sector, Santos was flat at $14.02, Oil Search increased 0.43% to $8.095 and Woodside edged 0.29% higher to $38.49.

Financials were mixed, with two of the big four banks in the red.

Commonwealth Bank rose 0.38% to $74.10, while ANZ Banking Group fell 0.27% to $29.46.

National Australia Bank increased 0.39% to $30.81 and Westpac Banking Corporation shed 0.08% to $31.055.

Investment bank Macquarie Group added 1.7% to $44.18.

In the insurance sector, QBE added 1.64% to $17.075, Insurance Australia Group rose 1.41% to $5.76 and Suncorp added 0.4% to $12.40.

In Australia, the market on Monday rose by more than one% as renewed optimism about China's economy prompted investors to pile into resources stocks.

The benchmark S&P/ASX200 index was up 53.5 points, or 1.06%, at 5,108.7 points, while the broader All Ordinaries index was up 55.3 points, or 1.1%, to 5,094.1 points.