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

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Speaker 1: for Friday, the twenty first of June twenty twenty four.

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Speaker 1: I'm Sean Aelmer. 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 SMPA six two hundred closed up zero

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Speaker 1: point three percent today is seven seven hundred and ninety

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Speaker 1: six points for the week. The BOSS was up one percent.

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Speaker 1: Generally today, the banks were flat or a touched lower,

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Speaker 1: with the exception of Macquarie Group, which jumped one percent.

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Speaker 1: The best performers among the top stocks included Cochlearria Group, QB, Woodside,

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Speaker 1: Santos and Woolly's. James Hardy Industries ended sharply lower, while

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Speaker 1: Force FW Medals was off more than one percent. Transervan

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Speaker 1: and Coles also went backwards. Common off banks share price

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Speaker 1: hit a new record this morning at one hundred and

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Speaker 1: twenty eight dollars and twenty five cents to share before

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Speaker 1: falling back just to touch. It's now just a slither, well,

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Speaker 1: a four billion dollar slid below the value of BHP.

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Speaker 1: Not that long ago. BHP was around twenty five percent

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Speaker 1: bigger and Commonwealth Bank, but the minor share price is

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Speaker 1: down fifteen percent this year or commonf Bank's up twelve percent.

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Speaker 1: BHP is now valued at two hundred and seventeen billion

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Speaker 1: dollars Commonwealth Bank two hundred and thirteen billion dollars. Story

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Speaker 1: number two Prime Minister Anthony Alberizi has acknowledged the East

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Speaker 1: Coast needs more gas after the Energy Market Watchdog warned

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Speaker 1: yesterday that the current East Coast coal snap coinciding with

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Speaker 1: low wind power generation, was threatening to trigger a short form.

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Speaker 1: The Australian Energy Market Operator said the threat of gas

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Speaker 1: supplies running short extends from New South Wales to Victoria,

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Speaker 1: South Australia, Tasmania and the ACT and could last until September.

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Speaker 1: Following repeated supply warnings from producers and gas users, Mister

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Speaker 1: Alberzi this morning told ABC Radio that there needs to

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Speaker 1: be more gas supply. He also said it isn't the

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Speaker 1: first winter in which the operator has warned of a

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Speaker 1: gas shortage. Story number three in Australian is among hundreds

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Speaker 1: of people who died during the Hajj pilgrimage in Mecca

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Speaker 1: after intense heat developed Islam's holiest sites in Saudi Arabia.

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Speaker 1: The Department of Foreign Affairs and Trade confirmed it was

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Speaker 1: providing consular assistance to the pilgrim's family, but was unable

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Speaker 1: to provide further details due to privacy obligations. According to AAP,

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Speaker 1: about five hundred and fifty people are estimated to have

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Speaker 1: died during the five day pilgrimage after temperatures reached forty

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Speaker 1: seven degrees in Mecca. Every year, roughly two million Muslims

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Speaker 1: performed the Hajj, and deaths have previously occurred due to

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Speaker 1: stampedes or epidemics. Many the faith will also save for

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Speaker 1: their entire lives to do the pilgrimage. As a result,

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Speaker 1: they're quite elderly or have pre existing health conditions when

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Speaker 1: they do it, so are more susceptible to some of

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Speaker 1: the outbreaks and the danger involved in it. Story number

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Speaker 1: four plenty going on in the retail sector of the

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Speaker 1: share market. After Guzman Ego Messas float yesterday, its listing

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Speaker 1: price was twenty two dollars thirty six percent on day one,

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Speaker 1: to finish at thirty dollars today. Profit take a stepped

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Speaker 1: in stock closed down four percent. Will take a few weeks,

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Speaker 1: maybe months, for the market to find a stable price

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Speaker 1: for that stock. Mosaic Brands, which owns autographed non E. B.

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Speaker 1: Rockman's at rivers and Millers, today said it expects a

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Speaker 1: loss this financial year. It blamed inventry and logistical problems.

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Speaker 1: Its share price finished twelve percent lower. It's down about

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Speaker 1: twenty four percent this year. Also today, KMD Brands, owner

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Speaker 1: of Campmandu and Ripcol, warned of weaker sales this financial

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Speaker 1: year as rising at living costs hits consumers. Its share

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Speaker 1: price fell eight percent today. It's off nearly fifty percent

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Speaker 1: so far this year. And story number five. The Bank

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Speaker 1: of England kept interest rates sixteen year highs overnight, even

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Speaker 1: though inflation has returned to its two percent target. The

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Speaker 1: central bank said that higher rates were working and cooling

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Speaker 1: the labor market and reducing price pressures, but they want

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Speaker 1: to keep rates high until they're sure inflation has been beaten.

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Speaker 1: It was a bit of a surprise, particularly after the

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Speaker 1: European Central Bank cut rates earlier in the month, as

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Speaker 1: did the Bank of Canada. The Swiss Central Bank also

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Speaker 1: cut rates overnight. The US Federal Reserve is indicated it

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Speaker 1: will cut rates later in the year. In the US,

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Speaker 1: Wall Street closed near record levels, though some of the

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Speaker 1: big tech stocks head recent gains in economic news. Applications

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Speaker 1: for n employment benefits in the US pull back from

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Speaker 1: a ten month high last week. That's it for the

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Speaker 1: afternoon report for Friday, the twenty first of June twenty

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Speaker 1: twenty four. Don't forget to hit follow on the podcast

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Speaker 1: and find Fear and Greed on LinkedIn, Instagram, x TikTok,

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Speaker 1: and Facebook. Join Michael Thompson and I tomorrow morning for

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Speaker 1: the weekend past five by Fear and Greed. I'm sure

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Speaker 1: Ailmot enjoy your evening.