Negative finish: Aus shares close 0.35% lower

The Australian share market has finished its fourth straight session in the red this week, with the local bourse opening lower and staying underwater for the remainder of the session and closing down 0.35 per cent. The materials space was largely responsible for a further retracement in the ASX200 today with big losses of over 5 per cent in Rio Tinto (ASX:RIO) and more than 2.5 per cent in BHP Billiton (ASX:BHP). Utilities and Telcos also fared poorly. In terms of the best performers, Consumer Discretionaries lead the way, followed by the Industrials sector.

At the closing bell the S&P/ASX 200 index closed 20 points down to finish at 5,785.

The value of trades was $6.5 billion on volume of 882 million shares at the close of trade. The top three stocks by value were Rio Tinto Limited (ASX:RIO), BHP Billiton Limited (ASX:BHP) and Commonwealth Bank of Australia (ASX:CBA).

On the futures market the SPI is 17 points down.

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

Nine Entertainment Co (ASX:NEC) has reported a 4.3 per cent fall in net profit to $75 million for H1 2017, compared to $78.4 million at the same time last year. Revenue also declined by 4.5 per cent to $659.2 million. The company declared a dividend of 4.5 cents per share, almost half of the 8 cent dividend which was declared at the same time last year. Shares in Nine Entertainment closed 7.25 per cent higher at $1.03.

Flight Centre (ASX:FLT) has reported a 36 per cent drop in net profit to $74.4 million for H1 2017.

Ramsay Health Care (ASX:RHC) has reported a 12.8 per cent rise in core net profit for H1 2017 to $267.8 million.

Qantas Airways (ASX:QAN) statutory profit after tax dropped 25.1 per cent to $515 million.

Best and worst performers

The best performing sector was Consumer Discretionaries adding 0.6 per cent to close at 2,080. The worst performing sector was Utilities, losing 2 per cent to close at 8,101 points.

The best performing stock in the S&P/ASX 200 was Estia Health (ASX:EHE), rising 14.04 per cent to close at $3.25. Shares in Invocare (ASX:IVC) and Crown Resorts (ASX:CWN) also closed higher.

The worst performing stock was Ardent Leisure (ASX:AAD), dropping 21.76 per cent to close at $1.69. Shares in Sky Network (ASX:SKT) and Isentia (ASX:ISD) also closed lower.

Commodities and the dollar

Gold is trading at $US1,238 an ounce.
Light crude is $0.46 lower at $US53.87 a barrel.
The Australian dollar is buying $US76.89.