1 00:00:03,760 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,360 --> 00:00:08,960 Speaker 1: for Wednesday the fifteenth to May twenty twenty four. I'm 3 00:00:08,960 --> 00:00:11,520 Speaker 1: Sean Alma. Every afternoon, we've got the five stories that 4 00:00:11,600 --> 00:00:13,280 Speaker 1: happened today that you need to know about. 5 00:00:13,640 --> 00:00:14,240 Speaker 2: Story number one. 6 00:00:14,320 --> 00:00:16,759 Speaker 1: The s and PA six two hundred closed up nearly 7 00:00:16,760 --> 00:00:19,560 Speaker 1: half percent today. The seven seven hundred and fifty four 8 00:00:19,600 --> 00:00:22,959 Speaker 1: points led higher by the material sector and healthcare stocks, 9 00:00:23,000 --> 00:00:24,439 Speaker 1: while industrials lagged. 10 00:00:24,840 --> 00:00:27,600 Speaker 2: BHP led the market higher, up two point two percent, 11 00:00:27,720 --> 00:00:30,520 Speaker 2: while CSL was up one point two percent. Both Rio 12 00:00:30,640 --> 00:00:33,519 Speaker 2: Tinto and fortesqu Metals Group rose around one percent well. 13 00:00:33,560 --> 00:00:37,160 Speaker 2: Telstra was another strong performer. The banks weren't so good. 14 00:00:37,360 --> 00:00:39,560 Speaker 2: An z ed Westpac, National Australia Bank. They all l 15 00:00:39,640 --> 00:00:42,800 Speaker 2: did lower so too Transurban, mcquarie Group, Woodside Energy, and 16 00:00:42,920 --> 00:00:46,479 Speaker 2: James Hardy Industries. In corporate news, commercial radio and regional 17 00:00:46,479 --> 00:00:51,040 Speaker 2: television company Southern Cross Ostereo has rejected arn Media's bid 18 00:00:51,080 --> 00:00:53,840 Speaker 2: for the company. That's the revised bid after pe Group 19 00:00:53,840 --> 00:00:58,600 Speaker 2: Anchorage Capital pulled out and the Australian agricultural company's share 20 00:00:58,640 --> 00:01:01,400 Speaker 2: price dropped about two percent after it announced the full 21 00:01:01,480 --> 00:01:04,000 Speaker 2: year loss in the back of a challenging twelve months 22 00:01:04,040 --> 00:01:07,040 Speaker 2: in lower cattle prices story at number two. The day 23 00:01:07,120 --> 00:01:09,560 Speaker 2: after the budget, Much of the discussion is about how 24 00:01:09,640 --> 00:01:13,119 Speaker 2: last night affects different sectors. One sector considered a winner 25 00:01:13,200 --> 00:01:15,560 Speaker 2: from all the cost of living initiatives announced by Treasury 26 00:01:15,640 --> 00:01:19,920 Speaker 2: Jim Chalmers is the consumer discretionary stocks, analyst said, especially 27 00:01:19,959 --> 00:01:23,520 Speaker 2: those who cater to lower satio economic groups, places like 28 00:01:23,560 --> 00:01:26,760 Speaker 2: Domino's super retail group in Collins Foods, which owns KFC. 29 00:01:27,480 --> 00:01:29,960 Speaker 2: More money for housing investment should help the companies that 30 00:01:30,040 --> 00:01:33,760 Speaker 2: make homes and manufacture products for homes, think brick works rees, 31 00:01:33,959 --> 00:01:36,559 Speaker 2: those sorts of companies, than there were others that could 32 00:01:36,560 --> 00:01:39,200 Speaker 2: be hurt. The doubling of the visa application fee for 33 00:01:39,240 --> 00:01:43,880 Speaker 2: international students has the potential to hurt companies like IDP Education, 34 00:01:44,280 --> 00:01:48,320 Speaker 2: according to UBS story number three. I just mentioned IDP 35 00:01:48,560 --> 00:01:51,920 Speaker 2: Education being hurt by the budget, but it has benefit 36 00:01:52,040 --> 00:01:56,600 Speaker 2: from being included in the MSCI Global Small Cap Index. 37 00:01:56,960 --> 00:01:59,760 Speaker 2: Its share price jumped seven percent today, the best of 38 00:01:59,800 --> 00:02:01,560 Speaker 2: the time top two hundred, on the news that it 39 00:02:01,640 --> 00:02:05,040 Speaker 2: was going to be included in the MISKY Global Small 40 00:02:05,080 --> 00:02:09,000 Speaker 2: Caps IDP along with Marine and Offshore Service Company MMA 41 00:02:09,120 --> 00:02:13,320 Speaker 2: Offshore Fleet Management and Leasing Group SG, Fleet, Gold and 42 00:02:13,360 --> 00:02:16,959 Speaker 2: Copper Explorer, wa Ie Resources and Buy and Now Pay 43 00:02:17,040 --> 00:02:20,280 Speaker 2: Later Group ZIP will be included in the index. Takes 44 00:02:20,280 --> 00:02:23,200 Speaker 2: a bit of explaining this. The MISKY Global Small Cap 45 00:02:23,240 --> 00:02:27,239 Speaker 2: Index includes about four one hundred companies from twenty three 46 00:02:27,320 --> 00:02:31,920 Speaker 2: developed markets. It's considered the benchmark of small company indices. 47 00:02:32,200 --> 00:02:36,320 Speaker 2: Passive investors like exchange traded funds TRY and mimic the 48 00:02:36,360 --> 00:02:40,320 Speaker 2: MISKY Global Small Cap Index. So if IDP or MMA 49 00:02:40,480 --> 00:02:42,399 Speaker 2: or any of those are a part of that index, 50 00:02:42,720 --> 00:02:46,680 Speaker 2: demand for their shares should rise. However, some ASX listed 51 00:02:46,720 --> 00:02:50,880 Speaker 2: companies have been dumped from the MISKY Index. Promedicus is one, 52 00:02:51,000 --> 00:02:55,280 Speaker 2: so to Australian Clinical Labs and Tyro Payments Stort number four. 53 00:02:55,440 --> 00:02:58,880 Speaker 2: CSRS aluminium operations have fallen to an annual loss of 54 00:02:58,919 --> 00:03:02,160 Speaker 2: twenty nine million dollars because of high energy costs, posing 55 00:03:02,160 --> 00:03:05,919 Speaker 2: a challenge for French giant Saint Gervain, which is posed 56 00:03:05,960 --> 00:03:10,040 Speaker 2: to become CSR's new owner. Saint Gabain is undertaking a 57 00:03:10,080 --> 00:03:13,480 Speaker 2: four point three billion dollar buyout of CSR. CSR has 58 00:03:13,480 --> 00:03:16,520 Speaker 2: a twenty five percent stake in to Margo Aluminium Smelter 59 00:03:16,639 --> 00:03:18,760 Speaker 2: in New South Wales, which has been a drag on 60 00:03:18,800 --> 00:03:22,000 Speaker 2: the overall results for the building products company for decades. 61 00:03:22,080 --> 00:03:25,520 Speaker 2: According to the Financial Review, electricity costs aren't helping at 62 00:03:25,520 --> 00:03:29,079 Speaker 2: the moment. In particular, CSR, which makes chip Rock Passwoard, 63 00:03:29,320 --> 00:03:33,800 Speaker 2: PGH Bricks and Papers, Ammonia roof tiles, Hebell Lightweight Building Box, 64 00:03:33,800 --> 00:03:36,880 Speaker 2: and Bradford Insulation, reported a six percent rise in net 65 00:03:36,880 --> 00:03:40,040 Speaker 2: profit after tax for the twelve months ending March thirty one. Today, 66 00:03:40,440 --> 00:03:43,480 Speaker 2: shareholders will vote on the Saint Germain nine dollar per 67 00:03:43,520 --> 00:03:46,960 Speaker 2: share off for next month. CSR shares were flat today, 68 00:03:47,400 --> 00:03:50,640 Speaker 2: trading just under that offer price. And story number five, 69 00:03:50,720 --> 00:03:54,800 Speaker 2: Beijing is considering buying millions and millions of unsold homes 70 00:03:54,800 --> 00:03:57,360 Speaker 2: from across the country in an effort to kickstart the 71 00:03:57,400 --> 00:04:00,720 Speaker 2: all important property market in China. It would certainly be ambitious, 72 00:04:00,760 --> 00:04:02,720 Speaker 2: and the idea is to clear some of the excess 73 00:04:02,800 --> 00:04:06,320 Speaker 2: housing stock. Smaller programs of Costa Country have worked, but 74 00:04:06,360 --> 00:04:09,480 Speaker 2: this one is much more ambitious. According to Bloomberg, local 75 00:04:09,520 --> 00:04:12,280 Speaker 2: state owned enterprises would be asked to help purchase unsold 76 00:04:12,360 --> 00:04:17,080 Speaker 2: homes from distressed developers at steep discounts, using loans provided 77 00:04:17,120 --> 00:04:19,680 Speaker 2: by state banks. Many of the properties would then be 78 00:04:19,800 --> 00:04:23,400 Speaker 2: converted into affordable housing. Officials are still debating details of 79 00:04:23,400 --> 00:04:26,400 Speaker 2: the plan, and its feasibility could take months to finalize. 80 00:04:26,400 --> 00:04:29,160 Speaker 2: If China's leaders decide to go ahead, that's it. 81 00:04:29,160 --> 00:04:31,680 Speaker 1: If The Afternoon Report for Wednesday, the fifteenth of May 82 00:04:31,800 --> 00:04:32,760 Speaker 1: twenty twenty four. 83 00:04:32,640 --> 00:04:34,960 Speaker 2: Michael Thompson and I will be back tomorrow morning. It's 84 00:04:35,000 --> 00:04:37,240 Speaker 2: a Thursday edition off youre and green business News. 85 00:04:37,240 --> 00:04:39,239 Speaker 1: I'm Sean Elmer. Enjoy your reaping.