Midday: Aus shares track 1.24% lower at noon

Market Reports

Despite weak leads from Wall Street, the Australian share market opened slightly higher, but has since come crashing back into negative territory and is tracking 1.24 per cent lower at noon. Today it’s the materials space that is being hit the hardest, with BHP shedding 3 per cent and Rio Tinto losing 2 per cent. Most of the financials space is in the red, that’s with the exception of CBA which is around half a per cent higher. 
The S&P/ASX 200 index is 62 points lower at 4,770. On the futures market the SPI is down 62 points. 
Company news

Australia Pacific Coal Limited (ASX:AQC) has advised of the resignation of Managing Director and CEO Mr Nathan Tinkler following yesterday’s Federal Court decision. The judgment was concerning a personal matter for Mr Tinkler and is unrelated to services he carried out for the company since his appointment in October last year. Shares in Australia Pacific Coal are trading flat at $0.02. 
Indoor Skydive Australia Group Limited (ASX:IDZ) has announced its second indoor skydiving facility has commenced operations in the Gold Coast. The company says early indications suggest iFly at Surfers Paradise will be as successful as its existing facility in Penrith. Shares in Indoor Skydive are trading flat at $0.38. 

Best and worst performers

The sector with the least losses is REITs, losing 0.3 per cent to 1,286. Shares in National Storage have risen 1.99 per cent and trading at $1.54. Shares in Abacus Property Group and Goodman Group are also stronger. 
The worst performing sector is Materials , falling 1.83 per cent to 6,521. Shares in Independence Group have fallen 5.56 per cent, trading at $2.55. Shares in Western Areas and Newcrest are also lower. 
Gold and the dollar

Gold is trading at $US1,191 an ounce.
The Australian dollar is buying $US0.7060. 

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