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

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Speaker 1: Report for Thursday, the fifteenth of August twenty twenty four.

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Speaker 1: I'm sure Aelma. Every afternoon we've got the five stories

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Speaker 1: that happened today that you need to know about Storing

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Speaker 1: Number one. The SMPASX two hundred closed up zero point

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Speaker 1: two percent today to seven eight hundred and sixty six points.

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Speaker 1: Among the large caps that weren't reporting, the big miners

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Speaker 1: were lower on the back of weekn The iron ore prices,

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Speaker 1: Aria and Santos also underperformed, West Pakanaan and zed that

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Speaker 1: the big banks hire, while West Farmers was another strong performer.

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Speaker 1: Investment group Magellan's share price surged eight percent after it

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Speaker 1: increased its profit and said it had taken a stake

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Speaker 1: in fund manager Vinva. Mining Contractor NRW holding share price

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Speaker 1: jump nine percent after it announced a nineteen percent increase

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Speaker 1: in profit last financial year and lifted its dividend shares,

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Speaker 1: and agri business New farm tumbled ten percent after downgrading its

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Speaker 1: earnings outlook due to reduced confidence that the industry environment

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Speaker 1: will improve the remainder of this year, and West Australian

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Speaker 1: Lithian producer Pilbra Minerals has made a five hundred and

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Speaker 1: sixty million dollar takeover bid for Latin Resources and its

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Speaker 1: projects in South America. Pilbrig' share price for five percent

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Speaker 1: straight Number two. Penfolds own a trashy wine Estates today

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Speaker 1: announced a sharp for the earnings after writing off the

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Speaker 1: value of some of its cheaper wine brands, but it

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Speaker 1: did increase its final dividend. Treasury had already announced the

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Speaker 1: decision to offload a bunch of brands, including Wolfblasts, Yellow Glen,

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Speaker 1: and Linderman's to concentrate on the higher end of wine making.

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Speaker 1: The group will combine its Treasury Premium Brands business with

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Speaker 1: its Treasury America's Premium Brands portfolio next year, creating a

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Speaker 1: division including nine en Crimes, Mature Squealing, pig Wins, and Pepperjack.

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Speaker 1: Penfolds will remain as a separate division. About seventy five

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Speaker 1: percent of the company's overall profit comes from the Penfolds

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Speaker 1: business and a luxury wine portfolio in the United States.

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Speaker 1: The bottom line was a sixty one percent drop in

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Speaker 1: profit to ninety nine million dollars thanks to that big

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Speaker 1: impairment that was worth about three hundred eight n teen

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Speaker 1: million dollars. The impairment to treasury. Share price ended one

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Speaker 1: point four percent higher today. Story number three Origin Energy

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Speaker 1: share price tumbled nearly ten percent today despite a thirty

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Speaker 1: percent rise in profit, after the result and the outlook

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Speaker 1: for this financial year were weaker than expected. Chief executive

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Speaker 1: Frank Collabria flagged that profits in energy markets, which includes generation,

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Speaker 1: retail and trading, would slide in the coming year, echoing

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Speaker 1: a similar warning from AGL Energy yesterday. Origins profit for

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Speaker 1: the twenty twenty four financial year jump thirty two percent,

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Speaker 1: to be exact, to one point four billion, on the

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Speaker 1: back of much higher earnings in the energy generation and

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Speaker 1: retailing businesses. The stock closed at nine dollars sixty today,

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Speaker 1: which is still above the nine thirty nine offered by

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Speaker 1: brook Field and EG in a twenty billion dollar take

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Speaker 1: over bid rejected late last year. Story number four Hearing

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Speaker 1: implant group Cocklear posted a nineteen percent jump in profits

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Speaker 1: for the last financial year, but the result was considered

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Speaker 1: a miss and its share price tumbled seven percent. The

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Speaker 1: group said it expected implant trading conditions to remain strong

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Speaker 1: within im proving growth rates in developed countries. Chief executive

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Speaker 1: dig How It told The Australian that digital savvy seniors

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Speaker 1: and an expanding body of research on the benefits of

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Speaker 1: hearing to cognition underpin Cockle's long term growth trajectory. He

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Speaker 1: said hearing loss is undertreated and there's enormous potential for

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Speaker 1: cochlear implants to change people's lives through better hearing, particularly

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Speaker 1: for adults and seniors. His strategies to raise awareness, having

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Speaker 1: people referred, and making sure health systems have capacity and

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Speaker 1: funding to meet demand and Finny Story number five. Iron

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Speaker 1: ore prices have dropped to a twenty one month low,

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Speaker 1: as figures show that China's steel production in July fell

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Speaker 1: nine percent month a month, Singapore iron ore futures hit

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Speaker 1: as low as ninety three dollars seventy US a ton.

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Speaker 1: It comes after the chairman of bao Wu Steel Group

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Speaker 1: born that China's steel industry faces a crisis worse than

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Speaker 1: the downturns of two thousand and eight and twenty fifteen.

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Speaker 1: Bow Wou is the world's biggest steel maker, needs lots

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Speaker 1: of iron ore, which we produce. It isn't much better

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Speaker 1: in the rest world's second largest economies. Figures released today

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Speaker 1: show that sluggish confidence is weighing on consumption and investment

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Speaker 1: in China, putting the government's annual growth target at risk.

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Speaker 1: In contrast, there was good news out of Japan today.

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Speaker 1: The world's third largest economy and an important training partner

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Speaker 1: of Australia, Japan's economy rebounded to growth in the second

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Speaker 1: quarter in the back of an increase in private consumption.

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Speaker 1: GDP expanded at an annualized pace of three point one

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Speaker 1: percent in the three months through June. As if the

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Speaker 1: Afternoon Report for Thursday, the fifteenth of August twenty twenty four.

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Speaker 1: Join Michael Thompson and I Tomorrow'm morning for the Fast

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Speaker 1: Five by Fear and Greed, the top five business stories

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

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Speaker 1: Enjoy reading it.