1 00:00:03,800 --> 00:00:06,560 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,600 --> 00:00:09,119 Speaker 1: for Friday, the twenty first of June twenty twenty four. 3 00:00:09,160 --> 00:00:11,640 Speaker 1: I'm Sean E. Elmer. Every afternoon, we've got the five 4 00:00:11,680 --> 00:00:13,640 Speaker 1: stories that happened today that you need to know about. 5 00:00:13,680 --> 00:00:16,560 Speaker 1: Story Num. One. The SMPA six two hundred closed up 6 00:00:16,720 --> 00:00:19,640 Speaker 1: zero point three percent today is seven seven hundred and 7 00:00:19,720 --> 00:00:22,000 Speaker 1: ninety six points for the week. The BOSS was up 8 00:00:22,079 --> 00:00:25,040 Speaker 1: one percent. Generally today, the banks were flat or a 9 00:00:25,160 --> 00:00:27,760 Speaker 1: touched lower, with the exception of Macquarie Group, which jumped 10 00:00:27,800 --> 00:00:31,280 Speaker 1: one percent. The best performers among the top stocks included Cochlear, 11 00:00:31,560 --> 00:00:36,360 Speaker 1: Ria Group, QB, Woodside, Santos and Woolli's James Hardy Industries 12 00:00:36,520 --> 00:00:39,120 Speaker 1: ended sharply lower, while Force FW Medals was off more 13 00:00:39,120 --> 00:00:42,800 Speaker 1: than one percent. Transerber and Coles also went backwards. Commonwealth 14 00:00:42,800 --> 00:00:46,040 Speaker 1: Banks share price hit a new record this morning at 15 00:00:46,040 --> 00:00:47,960 Speaker 1: one hundred and twenty eight dollars and twenty five cents 16 00:00:47,960 --> 00:00:51,199 Speaker 1: to share before falling back just a touch. It's now 17 00:00:51,320 --> 00:00:54,520 Speaker 1: just a slither, well, a four billion dollar slid below 18 00:00:54,560 --> 00:00:57,880 Speaker 1: the value of BHP. Not that long ago. BHP was 19 00:00:57,880 --> 00:01:01,280 Speaker 1: around twenty five percent bigger than Common. But the minors 20 00:01:01,280 --> 00:01:03,880 Speaker 1: share price is down fifteen percent this year or commonf 21 00:01:03,960 --> 00:01:06,840 Speaker 1: Bank's up twelve percent. BHP is now valued at two 22 00:01:06,959 --> 00:01:10,280 Speaker 1: hundred and seventeen billion dollars commonof Bank two hundred and 23 00:01:10,280 --> 00:01:14,280 Speaker 1: thirteen billion dollars. Story number two Prime Minister Anthony Alberizi 24 00:01:14,360 --> 00:01:17,959 Speaker 1: has acknowledged the East Coast needs more gas after the 25 00:01:18,040 --> 00:01:21,839 Speaker 1: Energy Market Watchdog warned yesterday that the current East Coast 26 00:01:21,959 --> 00:01:26,000 Speaker 1: coal snap coinciding with low wind power generation, was threatening 27 00:01:26,000 --> 00:01:29,200 Speaker 1: to trigger a short form. The Australian Energy Market Operator 28 00:01:29,280 --> 00:01:32,479 Speaker 1: said the threat of gas supplies running short extends from 29 00:01:32,560 --> 00:01:36,080 Speaker 1: New South Wales to Victoria, South Australia, Tasmania and the 30 00:01:36,120 --> 00:01:40,480 Speaker 1: ACT and could last until September. Following repeated supply warnings 31 00:01:40,640 --> 00:01:43,959 Speaker 1: from producers and gas users, Mister Alberinzi this morning told 32 00:01:43,959 --> 00:01:46,360 Speaker 1: ABC Radio that there needs to be more gas supply. 33 00:01:46,720 --> 00:01:49,480 Speaker 1: He also said it isn't the first winter in which 34 00:01:49,560 --> 00:01:53,360 Speaker 1: the operator has warned of a gas shortage. Story number 35 00:01:53,360 --> 00:01:56,360 Speaker 1: three in Australian is among hundreds of people who died 36 00:01:56,560 --> 00:02:01,160 Speaker 1: during the Hajj pilgrimage in Mecca after tense heat developed 37 00:02:01,240 --> 00:02:04,680 Speaker 1: Islam's holiest sites in Saudi Arabia. The Department of Foreign 38 00:02:04,680 --> 00:02:07,480 Speaker 1: Affairs and Trade confirmed it was providing consular assistance to 39 00:02:07,520 --> 00:02:10,560 Speaker 1: the pilgrim's family, but was unable to provide further details 40 00:02:10,639 --> 00:02:15,160 Speaker 1: due to privacy obligations. According to AAP, about five hundred 41 00:02:15,160 --> 00:02:17,720 Speaker 1: and fifty people are estimated to have died during the 42 00:02:17,800 --> 00:02:22,360 Speaker 1: five day pilgrimage after temperatures reached forty seven degrees in Mecca. 43 00:02:22,480 --> 00:02:25,280 Speaker 1: Every year, roughly two million Muslims performed the Hajj, and 44 00:02:25,360 --> 00:02:29,760 Speaker 1: deaths have previously occurred due to stampedes or epidemics. Many 45 00:02:29,840 --> 00:02:32,040 Speaker 1: the faith will also say for their entire lives to 46 00:02:32,080 --> 00:02:34,560 Speaker 1: do the pilgrimage. As a result, they're quite elderly or 47 00:02:34,600 --> 00:02:36,640 Speaker 1: have pre existing health conditions when they do it, so 48 00:02:36,680 --> 00:02:39,600 Speaker 1: are more susceptible to some of the outbreaks and the 49 00:02:39,680 --> 00:02:42,880 Speaker 1: danger involved in it. Story number four plenty going on 50 00:02:42,919 --> 00:02:44,959 Speaker 1: in the retail sector of the share market after the 51 00:02:45,000 --> 00:02:48,320 Speaker 1: Guzman Ego message float yesterday. Its listing price was twenty 52 00:02:48,360 --> 00:02:50,880 Speaker 1: two dollars thirty six percent on day one, to finish 53 00:02:50,919 --> 00:02:54,239 Speaker 1: at thirty dollars today. Profit takers stepped in. Stock closed 54 00:02:54,280 --> 00:02:57,400 Speaker 1: down four percent. Will take a few weeks, maybe months, 55 00:02:57,400 --> 00:02:59,600 Speaker 1: for the market to find a stable price for that stock. 56 00:03:00,040 --> 00:03:03,160 Speaker 1: Isaac Brands, which owns autographed non E. B. Rockman's at 57 00:03:03,240 --> 00:03:06,280 Speaker 1: rivers and Millers, today said it expects a loss this 58 00:03:06,400 --> 00:03:09,679 Speaker 1: financial year. It blamed inventry and logistical problems. Its share 59 00:03:09,680 --> 00:03:12,400 Speaker 1: price finished twelve percent lower. It's down about twenty four 60 00:03:12,400 --> 00:03:16,079 Speaker 1: percent this year. Also today, KMD Brands, owner of Campmendu 61 00:03:16,080 --> 00:03:19,079 Speaker 1: and Ripcole, warned of weaker sales this financial year as 62 00:03:19,200 --> 00:03:22,520 Speaker 1: rising at living costs hits consumers. Its share price fell 63 00:03:22,600 --> 00:03:25,359 Speaker 1: eight percent today. It's off nearly fifty percent so far 64 00:03:25,400 --> 00:03:27,919 Speaker 1: this year. And story number five. The Bank of England 65 00:03:27,960 --> 00:03:31,119 Speaker 1: kept interest rates sixteen year highs overnight, even though inflation 66 00:03:31,639 --> 00:03:34,839 Speaker 1: has returned to its two percent target. The central bank 67 00:03:34,880 --> 00:03:37,440 Speaker 1: said that higher rates were working and cooling the labor 68 00:03:37,480 --> 00:03:40,040 Speaker 1: market and reducing price pressures, but they want to keep 69 00:03:40,120 --> 00:03:43,640 Speaker 1: rates high until they're sure inflation has been beaten. It 70 00:03:43,720 --> 00:03:46,240 Speaker 1: was a bit of a surprise, particularly after the European 71 00:03:46,320 --> 00:03:48,880 Speaker 1: Central Bank cut rates earlier in the month, as did 72 00:03:48,880 --> 00:03:51,440 Speaker 1: the Bank of Canada. The Swiss Central Bank also cut 73 00:03:51,520 --> 00:03:54,400 Speaker 1: rates overnight. The US Federal Reserve is indicated it will 74 00:03:54,400 --> 00:03:56,640 Speaker 1: cut rates later in the year. In the US, Wall 75 00:03:56,680 --> 00:03:58,920 Speaker 1: Street closed near record levels, though some of the big 76 00:03:58,960 --> 00:04:02,440 Speaker 1: tech stocks paired recent gains. In economic news, Applications for 77 00:04:02,520 --> 00:04:05,080 Speaker 1: un employment benefits in the US pull back from a 78 00:04:05,160 --> 00:04:08,000 Speaker 1: ten month high last week. That's it for the afternoon 79 00:04:08,000 --> 00:04:10,720 Speaker 1: report for Friday, the twenty first of June twenty twenty four. 80 00:04:10,760 --> 00:04:12,960 Speaker 1: Michael Thompson, Adam Lange and I will be back tomorrow 81 00:04:12,960 --> 00:04:15,560 Speaker 1: morning with a weekend edition of Fear and Greed Business News. 82 00:04:15,840 --> 00:04:17,880 Speaker 1: I'm sure I ELMA enjoy your evening.