Falling away: Aus shares 0.38% lower at noon

For a fourth straight session the Australian share market has continued to erode its gains of last week, dropping at the open and now tracking 0.38 per cent lower at noon. While most sectors are in the red, the materials space is proving to be the biggest drag on the market with the big miners Rio Tinto (ASX:RIO) and BHP Billiton (ASX:BHP) being heavily sold off, losing 4 and 2.5 per cent respectively. The shining light this session is REITs, which is just in positive territory.

The S&P/ASX 200 index is 22 points down at 5,783. On the futures market the SPI is 19 points lower.

Economic news

The Australian Bureau of Statistics has reported that average full-time weekly earnings for Australian adults in the year to November 2016 increased by 2.2 per cent to $1,533. All employees experienced a 1.6 per cent increase for the year.

Company news

Ardent Leisure Limited (ASX:AAD) says the Dreamworld tragedy has had a significant impact on its first half results for 2017. The theme park operator reported a statutory loss of $49.4 million, primarily impacted by more than $95 million worth of write-downs. The board has declared a distribution per security of 2 cents, compared to 7 cents at the same time last year. Shares in Ardent Leisure are trading down 24.31 per cent at $1.64.

Crown Resorts Limited (ASX:CWN) has announced that after 20 years with the company, CEO Rowen Craigie will step down at the end of the month. Mr Craigie’s responsibilities will be taken over by Executive Chairman John Alexander. This comes as Crown reports a 9.1 per cent fall in normalised net profit to $191.3 million. Shares in Crown Resorts are trading up 7.73 per cent at $12.27.

Best and worst performers

The best performing sector is REITs, gaining 0.3 per cent to 1,375. Shares in Stockland (ASX:SGP) have risen 2.62 per cent and trading at $4.70. Shares in Charter Hall (ASX:CHC) and Goodman Group (ASX:GMG) are also stronger.

The worst performing sector is Materials, falling 2 per cent to 10,183. Shares in South32 (ASX:S32) have fallen 5 per cent, trading at $2.47. Shares in Rio Tinto (ASX:RIO) and Mineral Resources (ASX:MIN) are also lower.

Gold and the dollar

Gold is trading at $US1,237 and the Australian dollar is buying $US0.7670.