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Speaker 1: Welcome to the Fear and Greek Business News Afternoon Report

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Speaker 1: for Wednesday the fifteenth to May twenty twenty four. I'm

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Speaker 1: Suan Almam. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Join number one.

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Speaker 1: The S and PASX two hundred closed up nearly half

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Speaker 1: a percent today to seven seven hundred and fifty four points,

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Speaker 1: led higher by the material sector and healthcare stocks, while

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Speaker 1: industrials lagged. BHP led the market higher, up two point

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Speaker 1: two percent, while CSL was up one point two percent.

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Speaker 1: Both Rio Tinto and fotesqu Metals Group rose around one

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Speaker 1: percent well. Telstra was another strong performer. The banks weren't

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Speaker 1: so good, ayinz ed Westpac National Australia Bank. They all

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Speaker 1: d lower, so too Transurban mcquai Group, Woodside Energy and

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Speaker 1: James Hardy Industries. In corporate news, commercial radio and regional

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Speaker 1: television company Southern Cross Ostereo has rejected ARN Media's bid

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Speaker 1: for the company. That's the revised bid after pe Group

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Speaker 1: Anchorage Capital pulled out and the Australian agricultural company's share

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Speaker 1: price dropped about two after it announced a full year

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Speaker 1: loss in the back of a challenging twelve months in

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Speaker 1: lower cattle prices story number two. The day after the budget,

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Speaker 1: much of the discussion is about how last night affects

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Speaker 1: different sectors. One sector considered a winner from all the

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Speaker 1: cost of living initiatives announced by Treasury Jim Chalmers is

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Speaker 1: the consumer discretionary stocks, an Lys said, especially those who

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Speaker 1: cater to lower socio economic groups, places like Domino's super

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Speaker 1: retail group in Collins Foods, which owns KFC. More money

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Speaker 1: for housing investment should help the companies that make homes

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Speaker 1: and manufacture products for homes, think brickworks, rees, those sorts

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Speaker 1: of companies. Then there were others that could be hurt.

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Speaker 1: The doubling of the visa application fee for international students

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Speaker 1: has the potential to hurt companies like IDP Education, According

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Speaker 1: to UBS story number three. I just mentioned IDP Education

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Speaker 1: being hurt by the budget, but it has benefit from

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Speaker 1: being included in the MSCI Global Small Cap Index. Its

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Speaker 1: share price jumped seven percent today, the best of the

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Speaker 1: top two hundred, on the news that it was going

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Speaker 1: to be included in the MISKY Global Small Caps IDP

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Speaker 1: along with Marine and Offshore Service Company MMA, Offshore Fleet

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Speaker 1: Management and Leasing Group, SG, Fleet Gold and Copper Explorer,

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Speaker 1: WA one Resources and Buy and Now Pay Later Group

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Speaker 1: ZIP will be included in the index. Takes a bit

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Speaker 1: of explaining this. The MISKY Global Small Cap Index includes

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Speaker 1: about four one hundred companies from twenty three developed markets.

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Speaker 1: It's considered the benchmark of small company indices. Passive investors

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Speaker 1: like exchange traded funds TRY and mimic the MISKY Global

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Speaker 1: Small Cap Index, So if IDP or MMA or any

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Speaker 1: of those are a part of that index, demand for

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Speaker 1: their shares should rise. However, some ASX listed companies have

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Speaker 1: been dumped from the MISKY index. Promedicus is one, so

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Speaker 1: to Australian clinical Labs and Tyro Payments Strotumerfore. CSRS aluminium

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Speaker 1: operations have fallen to an annual loss of twenty nine

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Speaker 1: million dollars because of high energy costs, posing a challenge

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Speaker 1: for French giant Saint Gerbain, which is posed to become

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Speaker 1: CSR's new owner. Saint Sabain is undertaking a four point

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Speaker 1: three billion dollar buyout of CSR. CSR has a twenty

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Speaker 1: five percent take in to Maago aluminium smelter in New

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Speaker 1: South Wales, which has been a drag on the overall

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Speaker 1: results for the building products company for decades. According to

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Speaker 1: the Financial Review, electricity costs aren't helping at the moment.

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Speaker 1: In particular, CSR, which makes hip Rock, Passwoard, PGH Bricks

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Speaker 1: and Papers, Ammonia roof Tiles, Hebill Lightweight Building Box and

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Speaker 1: Bradford Insulation, reported a six percent rise in net profit

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Speaker 1: after tax for the twelve months ending March thirty one. Today,

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Speaker 1: shareholders will vote on the Saint Germain nine dollar per

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Speaker 1: share off for next month. CSR shares were flat today,

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Speaker 1: trading just under that offer price. And story number five,

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Speaker 1: Beijing is considering buying millions and millions of unsold homes

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Speaker 1: from across the country in an effort to kickstart the

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Speaker 1: all important property market in China. It would certainly be ambitious,

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Speaker 1: and the idea is to clear some of the excess

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Speaker 1: housing stock. Smaller programs of Costa Country have worked, but

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Speaker 1: this one is much more ambitious. According to Bloomberg, local

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Speaker 1: state owned enterprises would be asked to help purchase unsold

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Speaker 1: homes from distressed developers at steep discounts, using loans provided

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Speaker 1: by state banks. Many of the properties would then be

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Speaker 1: converted into affordable housing. Officials are still debating details of

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Speaker 1: the plan, and its feasibility could take months to finalize

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Speaker 1: if China's leaders decide to go ahead as if the

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Speaker 1: Afternoon Report for Wednesday, the fifteenth of May twenty twenty four.

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Speaker 1: Don't forget Tip, follow on the podcast and find Fear

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Speaker 1: and Greed on LinkedIn, Instagram, x TikTok and Facebook. Joe

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Speaker 1: Michael Thompson and I Tomorrow I'm Money for the Fast

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Speaker 1: five by Fear and Greed the top five business strows

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Speaker 1: you need to know in just five minutes. I'm Sean Elmer.

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Speaker 1: Enjoy your reading