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

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Speaker 1: for Thursday, the twentieth of June twenty twenty four. I'm

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Speaker 1: Sean Alma. Every afternoon, We've got five stories that happened

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Speaker 1: today that you need to know about. Storyum on one.

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Speaker 1: The S and PA six two hundred closed down zero

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Speaker 1: point three percent today to seven seven hundred and sixty

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Speaker 1: nine points, dragged lower by healthcare and tex stocks. The

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Speaker 1: property sector did best. Once again, it wasn't a particularly

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Speaker 1: busy day Apart from the gusman E Gomez float. The

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Speaker 1: fast food chain listed today and by the end of

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Speaker 1: its first session its share price was up thirty percent.

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Speaker 1: Among the large caps, Transurban Coles, CSL and a Quarry

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Speaker 1: Group were among the worst performers. Aristocrat Leisure, Sun corpor

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Speaker 1: and Comwealth Bank were some of the best. There were

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Speaker 1: some good news for Telstra's one point three million shareholders.

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Speaker 1: The telco share price hit a four week high, though

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Speaker 1: it is still down about eleven percent since early February.

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Speaker 1: In corporate news, the price of drone shield shares hit

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Speaker 1: a year record. They are up five hundred and seventy

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Speaker 1: five percent over the past year. It came after it

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Speaker 1: set it one a contract to supply counter drone hardware

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Speaker 1: to a Swiss customer. Best performer on the AX today

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Speaker 1: was mortgage breaker Helia. That pretty much reversed most of

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Speaker 1: yesterday's decline. Now today it came out and flagged a

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Speaker 1: potential lending deal with Comwealth Bank investors. Like that one,

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Speaker 1: it was up sixteen percent. Story number two there was

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Speaker 1: a more fallout part in the pun in the nuclear

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Speaker 1: debate today. Opposition Leader Peter Dutton's announcement yesterday I have

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Speaker 1: seven sites to build nuclear power generators by twenty fifty

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Speaker 1: has certainly grabbed the headlines, but the consensus view seems

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Speaker 1: to be that what's being proposed can't be done. Prime

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Speaker 1: Minister Anthony Alberanezi called the nuclear policy a fantasy act.

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Speaker 1: Independent Senator David Pocock said the policy was reckless and unrealistic.

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Speaker 1: Tasmanian Senator Jackie Lamby said nuclear energy should be in

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Speaker 1: the mix, but she hasn't yet formed a clear view

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Speaker 1: on the coalition's policy. For his part, Opposition Leader Peter

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Speaker 1: Dutton warned the stone is not to be taken in

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Speaker 1: by Labour scare campaign on nuclear power. Two reactors could

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Speaker 1: plausibly be off the ground by twenty thirty five. Story

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Speaker 1: number three. There's a bit going on in the commercial

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Speaker 1: property sector, with two big players, Mervak and Dexas writing

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Speaker 1: down the value of buildings. The value of many commercial

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Speaker 1: buildings has fallen post COVID because work from home is

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Speaker 1: coal demand for office space. Owners have held onto the buildings,

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Speaker 1: not wanting to sell in a down market with deal

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Speaker 1: flow negligible in the past eighteen months or so, but

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Speaker 1: ultimately owners have to revalue and sometimes they have to sell. Yesterday,

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Speaker 1: Dexas said it would lower the valuations of its office

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Speaker 1: properties by eleven percent in financial twenty twenty four, and

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Speaker 1: Mervak is set to sell a thirty four story office

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Speaker 1: tower in Melbourne, CBD and an eleven story building in

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Speaker 1: North Sydney for it combined twenty percent discount to their

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Speaker 1: peak values. Story number four. Mineral Resources is shutting down

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Speaker 1: its high cost iron ore mines in the Yilgana region

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Speaker 1: of Western Australia, affecting one thousand workers. The group said

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Speaker 1: it will try and redeploy as many workers as possible

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Speaker 1: in its other iron ore and lithium mines in Western

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Speaker 1: Astray Mineral Resources made the decision to focus on its

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Speaker 1: more promising iron ore sites, including the Pilbra, where last

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Speaker 1: month it loaded its maiden shipment bound for China. Over

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Speaker 1: the past week, the group's also agreed to purchase iron

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Speaker 1: or assets in the Pilbra from BCI Minerals and A

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Speaker 1: company said that the decision to close the Yulgana mine

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Speaker 1: had been influenced by combination of factors, including the limited

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Speaker 1: remaining life of the five operating mines spread over two

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Speaker 1: hundred and twenty kilometers, and this significant capital cost and

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Speaker 1: lead time required to develop new resources to ensure continuity

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Speaker 1: of supply. And story number five. There were some good

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Speaker 1: news out of the United Kingdom, with inflation hitting the

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Speaker 1: Bank of England's two percent target last month. Means headline

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Speaker 1: inflation in the UK is now below the Eurozone, in

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Speaker 1: the US and Australia, but services inflation remains higher than expected.

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Speaker 1: I think I've heard that story before. It's good news

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Speaker 1: for a Prime Minister, Rishi Sunak, who is struggling to

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Speaker 1: turn around his wayward election campaign. A poll on the

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Speaker 1: Telegraph this week predicts that mister Sunac could become the

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Speaker 1: first sitting PM to lose their seat at the general election.

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Speaker 1: Its forecasting Labor could win five hundred and sixteen seats

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Speaker 1: in the Parliament compared to the Conservatives fifty three, five

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Speaker 1: hundred and sixteen to fifty three. That would be a shellacking.

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Speaker 1: That's it for the Afternoon Report for Thursday, the twentieth

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Speaker 1: of June twenty twenty four. Michael Thompson and I will

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Speaker 1: be back tomorrow morning with your Friday edition. Off you're

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Speaker 1: in great business news. I'm Sean Elma Enjoy your evening.