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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 sixteenth of July 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: happen today that you need to know about. Stroy Number one.

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Speaker 1: The S and PAX two hundred closed down zero point

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Speaker 1: two percent today, finishing at seven thousand, nine hundred and

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Speaker 1: ninety nine points after yesterday's record setting session. There were

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Speaker 1: decent falls among the materials, utilities, tech, and consumer discretionary stocks,

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Speaker 1: while the property sector outperformed. Aristocrat Leisure was the biggest

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Speaker 1: lag yard of the large caps, down nearly three percent,

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Speaker 1: while BHP was off one and a half percent. That

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Speaker 1: meant the Commonwealth Bank is again the largest stock on

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Speaker 1: the AX, notwithstanding it fell zero point four percent today.

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Speaker 1: Best in the large caps was Goodman Group. It jumped

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Speaker 1: nearly two percent. In corporate news, wealth management platform Hub

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Speaker 1: twenty fours share price closed flat after announcing stronger than

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Speaker 1: expected inflows. Its share price isn't far off double what

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Speaker 1: it was about twelve months ago. In critical minerals, producer

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Speaker 1: Igo will write down the value of its exploration portfolio

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Speaker 1: by up to two hundred and seventy five million dollars

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Speaker 1: in relation to its nickel assets. That sent its share

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Speaker 1: price down one percent today. Story number two. It was

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Speaker 1: a wild day for Drone Shield, the group that provides

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Speaker 1: counter drone defense solutions. Its share price hit a record

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Speaker 1: high on opening and then slumped thirty percent before recouping

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Speaker 1: some of the losses and ending down twenty four percent.

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Speaker 1: There was no new news about the company today, although

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Speaker 1: some analysts have come out doubting its valuation in recent days.

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Speaker 1: Probably not a surprise. Drone Shield's share price was thirty

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Speaker 1: eight cents at the beginning of the year. It got

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Speaker 1: to its peak yesterday morning of two dollars seventy one,

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Speaker 1: and finally closed at a dollar ninety eight. Quite the ride.

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Speaker 1: Story number three. US Federal Reserve Chair Jerown Powell overnight

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Speaker 1: said that second quarter data bolstered confidence that inflation is

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Speaker 1: cooling and that helped equity markets. Apple continues to run.

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Speaker 1: It's now worth three point five to nine trillion US dollars,

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Speaker 1: oarls relatively flat, Cold is creeping higher, fetching nearly twenty

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Speaker 1: four hundred and thirty US dollars an hours, and Bitcoin

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Speaker 1: is worth more than sixty four thousand US dollars of unit.

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Speaker 1: The Aussie dollar has come back a bit, it's buying

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Speaker 1: sixty seven point three US scents and finally, I must

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Speaker 1: mention black Rock. In the last quarter, the US based

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Speaker 1: wealth manager attracted fifty one billion US dollars to its

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Speaker 1: long term investment funds. It means the world's largest money manager,

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Speaker 1: Blackrock now has ten point six trillion dollars of assets

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Speaker 1: under management. Not bad story Number four. The boss of

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Speaker 1: the Australian energy market operator, Daniel Westerman, says the opposition's

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Speaker 1: planned to build seven nuclear reactors would take too long

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Speaker 1: to replace aging coal generators. Mister Westerman, speaking at a

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Speaker 1: clean Energy summit, also said gas is the ultimate backstop

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Speaker 1: during the transition to renewables. He said the imperative to

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Speaker 1: replace retiring coal stations is with us now and even

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Speaker 1: on the most optimistic outlook, nuclear power won't be ready

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Speaker 1: in time. Under Opposition leader Petter Dutton's plans if he

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Speaker 1: wins the next election, he'd build five large nuclear plants

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Speaker 1: and two smaller ones, with the first to come online

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Speaker 1: somewhere about twenty thirty five or so. They'd be built

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Speaker 1: on the sites of the current coal fire power stations now.

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Speaker 1: At the moment, coal accounts from more than fifty percent

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Speaker 1: of power generation in the national electricity market. Gas accounts

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Speaker 1: for just five Nuclear won't be up and running in time,

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Speaker 1: mister Westerman said, Hence we're going to have to rely

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Speaker 1: on gas. And story number five. Oil exploration is not dead,

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Speaker 1: with x On Mobile planning to drill up to thirty

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Speaker 1: wells as part of its seventh oil project in Guiana.

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Speaker 1: A project which is pending government approval, would start production

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Speaker 1: in twenty twenty nine, lifting the country's capacity to more

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Speaker 1: than one point four million barrels of oil per day.

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Speaker 1: According to Rooters, the Hammerhead project will pump as much

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Speaker 1: as one hundred and eighty thousand barrels a day as

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Speaker 1: soon as twenty twenty nine. Guiana is a growing oil resource,

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Speaker 1: without output expected to jump two hundred and fifty percent

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Speaker 1: over the next five years or so. It highlights that

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Speaker 1: oil drilling is alive and well. In fact, it's increasing.

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Speaker 1: In the US line, the number of worlds drilled has

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Speaker 1: been trending higher since twenty sixteen. That's it. If the

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Speaker 1: Afternoon Report for Tuesday, the sixteenth of July twenty twenty four.

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

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

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Speaker 1: Julian King and I Tomorrow Morning for the Fast Five

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Speaker 1: by Fear and Greed, the top five business slawyers you

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

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Speaker 1: Enjoy your reading