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

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Speaker 1: for Thursday, the eighth of August twenty twenty four. I'm

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Speaker 1: sure in Alma 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: number one. The SMPASX two hundred closed down zero point

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Speaker 1: two percent today to seven six hundred and eighty two points,

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Speaker 1: with the materials and real estate stocks leading the way lower.

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Speaker 1: The Financials index was the best performer of the eleven

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Speaker 1: subindices on the ASEX two hundred. The big four banks

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Speaker 1: had a good day, while the miners did in BHP, Fortyesquenrio,

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Speaker 1: Tintol All fell sharply. Property leader Goodman Group and energy

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Speaker 1: leader Woodside were also sold off. Weisteak Global finished up

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Speaker 1: more than two percent and was the best performer of

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Speaker 1: the large caps. Profit season is warming up. AMP share

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Speaker 1: price jumped thirteen percent today after the one time blue

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Speaker 1: chip company reported a higher half year profit. It was

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Speaker 1: the best of the top two hundred. Story number two.

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Speaker 1: Childcare and after school care workers will receive a ten

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Speaker 1: percent pay rise by the end of the year, with

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Speaker 1: another increase to in a three point six billion dollar

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Speaker 1: bid by the federal government to give families assurances about

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Speaker 1: the quality of care received by their children, but the

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Speaker 1: more than two hundred thousand workers in the sector will

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Speaker 1: receive the combined fifteen percent pay rise, worth about one

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Speaker 1: hundred dollars a week, only if the centers they work

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Speaker 1: for promise to limit fee increases to four point four

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Speaker 1: percent over the next twelve months. According to a report

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Speaker 1: of the announcement in nine media, Prime Minister Anthony Albernizi

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Speaker 1: said early educators could change people's lives and they deserve

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Speaker 1: to be properly valued and fairly paid. It follows last

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Speaker 1: year's decision to increase the pay of about two hundred

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Speaker 1: and fifty thousand aged care workers by fifteen percent. Story

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Speaker 1: number three. New South Wales labour Premier Chris Mins has

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Speaker 1: ordered all of the state's public servants back to work

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Speaker 1: in a move which the business community has welcomed. The

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Speaker 1: work from home arrangements implemented in twenty nineteen ended on

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Speaker 1: Tuesday this week. More than four hundred thousand workers are

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Speaker 1: now expected to use offices across the whole working week,

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Speaker 1: which will impact small businesses in the s CBD coffee shops,

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Speaker 1: office vacancy rates, transport systems and plenty of outlets in

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Speaker 1: the suburbs as well. The head of the Premier's Department,

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Speaker 1: Simon Draper, said it wasn't a mandate, but rather it

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Speaker 1: was advice. The Premier, Mister Minz, said it was about

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Speaker 1: developing a better culture and mentorship story. Number four toll

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Speaker 1: road group Transurban more than quadrupled its net profit last

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Speaker 1: financial year, but road works across the country and people

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Speaker 1: working from home remain a drag on earnings. The country's

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Speaker 1: fifteenth largest listed company reported lower than expected income from

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Speaker 1: roads in Sydney and Melbourne, notwithstanding the big jump in profit,

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Speaker 1: and that sent its share price down more than one percent.

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Speaker 1: It's a timely reminder as we get into reporting season

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Speaker 1: proper that share price moves after results. Announcements reflect expectations

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Speaker 1: about results rather than how much more or less they

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Speaker 1: made compared to the previous period. Now, construction works on

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Speaker 1: toll roads in Sydney and Melbourne cities have reduced traffic

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Speaker 1: flows in each by round one percent. Transurban controls nearly

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Speaker 1: of all of Sydney's toll roads, including key Motorway Artery,

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Speaker 1: the M four and five and M two traffic trends

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Speaker 1: showed people returning to the office was still below pre

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Speaker 1: COVID numbers in both Melbourne and Sydney. In Brisbane, though

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Speaker 1: traffic is back to those pre COVID levels and storing

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Speaker 1: number five. Property developer Murvak made an eight hundred and

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Speaker 1: five million dollar full year loss on the back of

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Speaker 1: falls and the value of its office portfolio, and warn

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Speaker 1: that the sector is facing tough market conditions. Murvak's operating

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Speaker 1: profit dipped by eight percent to five hundred and fifty

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Speaker 1: two million dollars, but it was in line with the expectations,

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Speaker 1: with the headline loss driven by a one point one

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Speaker 1: billion dollar right down mainly on older office stock. Its

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Speaker 1: share price tumbled nine percent on the announcement today, reflecting

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Speaker 1: the comments about future training conditions. Chief executive Campbell Hannon

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Speaker 1: said market conditions were likely to remain challenging this year,

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Speaker 1: but said the company was setting up for recovery. In

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Speaker 1: recent years, Murvak has moved deeper into living sectors, things

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Speaker 1: like Bill torent Ly at least that type of thing,

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Speaker 1: rather than just building and selling apartments. That's it for

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Speaker 1: the afternoon report for third say, the eighth of August

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Speaker 1: twenty twenty four, Michael Thompson and I will be back

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Speaker 1: tomorrow morning with the Friday edition of Fear and Greed

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Speaker 1: Business News. I'm sure I, Alma, enjoy your evening