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

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Speaker 1: for Tuesday, the twenty fifth of June twenty twenty four.

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Speaker 1: I'm Sean Elmer. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about. Story

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Speaker 1: and one. The SMPASX two hundred closed up one point

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Speaker 1: four percent today to eight hundred and thirty nine points,

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Speaker 1: the best single session in almost six weeks. All of

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Speaker 1: the eleven sub indices of the BOSS closed higher, led

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Speaker 1: by the Energy, Materials, real Estate, and financials indexes. Some

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Speaker 1: of the best companies included Woodside and Santos, which both

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Speaker 1: benefited from higher oil prices. The banks did well, as

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Speaker 1: did BHP and Rio Tinto plenty of corporate news around

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Speaker 1: the place today. Paladin Energy share price fell five percent

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Speaker 1: after it said it had made a takeover bid for

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Speaker 1: Toronto listed fission uranium pathology group. Helius rose slightly following

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Speaker 1: a results update. Specialty dairy company Sinlet Milk tumbled ten

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Speaker 1: percent after warning it could tip into insolvency if shareholders

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Speaker 1: rejected a critical one hundred and twenty million dollar loan approval,

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Speaker 1: and billionaire chech businessmen Pavail Tirekax plans to buy a

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Speaker 1: majority stake in ASX listed coal minor Coronado Global Resources

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Speaker 1: have collapsed after his family office seven Global Investments that's

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Speaker 1: sev DOT the N seven Global Investments files secure Foreign

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Speaker 1: Investment Review Board approval. Seven had agreed to buy fifty

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Speaker 1: one percent of Coronado from Energy and Minerals Group, a

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Speaker 1: US based private equity firm that put together the minor

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Speaker 1: and floated it on the AX in twenty eighteen. Sorry

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Speaker 1: number two. Consumer sentiment is rising, which is good for

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Speaker 1: the economy. Their households remain pessimistic about pretty much everything.

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Speaker 1: The Westpac Melbourne Institute Consumer Sentiment Index rows to eighty

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Speaker 1: three point six points, but that remains well below the

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Speaker 1: neutral level of one hundred, meaning pessumous outnumber optimus by

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Speaker 1: nearly twenty percentage points. The good news from budget initiatives

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Speaker 1: in recent weeks of being negated by increased concerns about

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Speaker 1: inflation and the outlook for interest rates. The survey shares

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Speaker 1: at half a consumers expect mortgage rates to rise over

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Speaker 1: the next twelve months, and when asked, survey respondents recall

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Speaker 1: budget and tax and inflation news more than anything else.

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Speaker 1: Story number three, billions of dollars of investment in wind

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Speaker 1: farms has been unable to boost energy generation during the

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Speaker 1: June quarter, contributing to the squeeze on East Coast gas supplies.

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Speaker 1: Electricity generation from wind farms in the national electricity market

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Speaker 1: since April one is roughly flat compared with the same

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Speaker 1: quarter in twenty twenty one, despite about twenty five hundred

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Speaker 1: megawatts of wind capacity having been added since then. According

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Speaker 1: to an analysis by electricity market watcher Global Rome, since

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Speaker 1: twenty twenty wind power capacity has increased by about half

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Speaker 1: for almost four thousand megawatts. The total production of electricity

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Speaker 1: from wind this June quarter may only be up fifteen

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Speaker 1: percent in aalysis fines, with the current quarter heading towards

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Speaker 1: being the lowest output since twenty seventeen now, according to

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Speaker 1: a report and the Financial Review, Energy advisors have previously

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Speaker 1: warned about the risk of a renewables drought in winter

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Speaker 1: months where there's a prolonged period when both solar and

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Speaker 1: wind power generation are subdued. Story number four. Times are

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Speaker 1: getting tougher for Colin's Foods, owner of fast food group KFC,

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Speaker 1: as customers cut back spending, higher mortgage bills, rents and

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Speaker 1: energy bills, as well as inflation, are all eating into

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Speaker 1: consumer spending. And Colin's Foods, including the two hundred and

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Speaker 1: seventy nine KFC outlets, reported same store sales nearly one

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Speaker 1: percent lower than last year, and the outlook for the

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Speaker 1: upcoming year ain't much better. According to interim Chief executive

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Speaker 1: Kevin Perkins, the group willok closely at introducing more bundling

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Speaker 1: of menu items in special offers to help families under

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Speaker 1: pressure with household budgets. There were some better news in

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Speaker 1: the Taco Bill side of the business, with same store

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Speaker 1: sales up over the last year. The rollout of Taco

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Speaker 1: Bill's chain has been suspended temporarily, mister Perkins said. I

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Speaker 1: Raw Colin's Foods net profit jumped five hundred percent to

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Speaker 1: seventy seven million dollars with record revenue. Colins Food's share

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Speaker 1: price had tumbled twenty five percent this year. Yesterday's announcement

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Speaker 1: was better than expected and its share price jumped to

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Speaker 1: seven and a half percent, which was actually the best

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Speaker 1: of the top two hundred for the session and storry

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Speaker 1: number five. Apple is the first company to be charged

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Speaker 1: with violating the Digital Markets Act, a law passed in

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Speaker 1: twenty twenty two that gives European regulators wide authority to

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Speaker 1: force the largest online gatekeepers to change their business practices.

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Speaker 1: According to a report in The New York Times, the

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Speaker 1: most recent charges further escalate a tussle between Apple, which

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Speaker 1: says its products are designed in the best interest of customers,

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Speaker 1: and eyear regulators. Is how the company is unfairly using

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Speaker 1: its size and considerable resources to stifle competition. It's an

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Speaker 1: argument that regulators here in Australia are watching very closely.

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Speaker 1: That's it for the afternoon Report for Tuesday, the twenty

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Speaker 1: fifth of June twenty twenty four. Michael Thompson and I

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Speaker 1: will be back tomorrow morning with a Wednesday edition of

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Speaker 1: Fear and Greed Business News. I'm Suan i Elma. Enjoy

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Speaker 1: your evening.