After a solid start, the Aussie market has fallen away sharply so far today.

The XJO traded at a high of 4074 but has since fallen away sharply to presently be trading at 4050.

The index is just above water, currently five points (+0.1%) ahead.

Despite the turnaround, most sectors are still in the green, with consumer discretionary and materials plays leading the way.

IT, Utilities and telcos are the worst performers.

In company news Santos has plummeted 6.1% after it announcing a 15.6% blowout in spending on developing the $2.5 billion GLNG project in Queensland.

Elsewhere, Caltex has climbed 1.2% after upgrading its earnings guidance for the 1H FY12. The company now expects a net profit between $185 million and 205 million, up from $113 million a year earlier.

Around the region, Asian markets are mixed; the Hang Seng (-0.1%) and Shanghai Composite (-0.3%) are weaker, whilst the Nikkei (+0.9%) is stronger.

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Midday Market Analysis: Giving Back Gains is a post from: Australian Stock Report Market Pulse Blog