1 00:00:03,600 --> 00:00:06,800 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,840 --> 00:00:09,479 Speaker 1: for Friday, the twenty fifth of October twenty twenty four. 3 00:00:09,840 --> 00:00:12,560 Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that 4 00:00:12,640 --> 00:00:14,640 Speaker 1: happened today that you need to know about. So let's 5 00:00:14,680 --> 00:00:17,400 Speaker 1: get going with story number one. The S and p 6 00:00:17,680 --> 00:00:21,120 Speaker 1: ASX two hundred closed up just five points today or 7 00:00:21,200 --> 00:00:24,840 Speaker 1: zero points, zero six percent to eighty two hundred and 8 00:00:24,920 --> 00:00:28,280 Speaker 1: eleven points. I'll call that pretty flat. There wasn't much 9 00:00:28,320 --> 00:00:31,360 Speaker 1: movement among the top stocks, though there was plenty of 10 00:00:31,400 --> 00:00:34,879 Speaker 1: corporate news. Quantus held as AGM in Hobart and provided 11 00:00:34,920 --> 00:00:38,720 Speaker 1: an upbeat outlook domestically, though warned of more competition in 12 00:00:38,880 --> 00:00:42,959 Speaker 1: international routes hurting returns. Newmont's share price fell more than 13 00:00:43,040 --> 00:00:47,960 Speaker 1: thirteen percent after a September quarter earnings. Miss Mineral Resources 14 00:00:48,080 --> 00:00:51,640 Speaker 1: again fell sharply, down five percent, on media reports that 15 00:00:51,800 --> 00:00:56,400 Speaker 1: managing director Chris Ellison and other board members allegedly purchased 16 00:00:56,440 --> 00:00:59,880 Speaker 1: mining equipment from the company at significant discounts to market. 17 00:01:00,080 --> 00:01:05,440 Speaker 1: It's a unibale Redamco. Westfield, which owns the international Westfield malls, 18 00:01:05,760 --> 00:01:08,560 Speaker 1: said earnings would be the upper end of guidance rubbish 19 00:01:08,640 --> 00:01:12,480 Speaker 1: collector clean Away affirmed its profit guidance. ResMed announced an 20 00:01:12,520 --> 00:01:15,080 Speaker 1: eleven percent jump in revenue in the September quarter thanks 21 00:01:15,120 --> 00:01:18,640 Speaker 1: to high demand for its sleep devices and masks portfolio, 22 00:01:19,040 --> 00:01:23,520 Speaker 1: and metcash fell three point three percent after flagging additional 23 00:01:23,600 --> 00:01:26,880 Speaker 1: cost cutting measures in response to week trading in its 24 00:01:26,959 --> 00:01:31,039 Speaker 1: hardware unit. That is a busy, busy Friday Onto. Story 25 00:01:31,120 --> 00:01:34,320 Speaker 1: number two wistech Global share price jumped by as much 26 00:01:34,360 --> 00:01:38,160 Speaker 1: as sixteen percent today following last night's announcement that founder 27 00:01:38,200 --> 00:01:41,840 Speaker 1: and long term CEO Richard White would step down now. 28 00:01:41,880 --> 00:01:45,160 Speaker 1: Mister White, who has been embroiled in allegations involving his 29 00:01:45,280 --> 00:01:48,360 Speaker 1: personal life, will take a brief break before taking up 30 00:01:48,400 --> 00:01:51,800 Speaker 1: a quote full time, long term consulting role with the 31 00:01:51,840 --> 00:01:55,600 Speaker 1: company focused on product and business development. He will still 32 00:01:55,640 --> 00:01:58,480 Speaker 1: be paid a one million dollar annual salary and will 33 00:01:58,520 --> 00:02:02,560 Speaker 1: report to the chair and awed not the CEO, so 34 00:02:02,800 --> 00:02:04,960 Speaker 1: he won't be CEO, but we'll still have a big 35 00:02:05,040 --> 00:02:07,920 Speaker 1: role in the company and that's what investors liked, sending 36 00:02:07,960 --> 00:02:10,839 Speaker 1: the share price up sharply. It closed twelve point seven 37 00:02:10,880 --> 00:02:15,160 Speaker 1: percent higher. Story number three Prime Minister Anthony Aberzi met 38 00:02:15,160 --> 00:02:18,760 Speaker 1: his British counterpart Sir Keir Starmer on the sidelines of 39 00:02:18,760 --> 00:02:22,440 Speaker 1: the Commonwealth Heads of Government meeting in Samoa today. The 40 00:02:22,440 --> 00:02:26,360 Speaker 1: two discussed security, They talked about trade and investment links. 41 00:02:26,720 --> 00:02:29,960 Speaker 1: Mister Alberzi said Australia and the UK are long standing 42 00:02:30,040 --> 00:02:34,160 Speaker 1: partners with common values and aligned strategic interests, and the 43 00:02:34,200 --> 00:02:37,880 Speaker 1: two agreed to negotiate a new climate and energy partnership 44 00:02:38,120 --> 00:02:42,960 Speaker 1: which would maximize the potential of the net zero transition. Chogham, 45 00:02:43,040 --> 00:02:47,040 Speaker 1: which includes fifty six Commonwealth nations, is a biennial event 46 00:02:47,200 --> 00:02:49,959 Speaker 1: and King Charles the Third and Queen Camilla are attending. 47 00:02:50,280 --> 00:02:52,880 Speaker 1: It's being hosted in the Pacific region for the first time, 48 00:02:53,000 --> 00:02:57,760 Speaker 1: highlighting the gathering's focus on climate change. Onto story Number four. 49 00:02:57,919 --> 00:03:01,320 Speaker 1: Queenslanders are off to the polls tomorrow and the race 50 00:03:01,400 --> 00:03:06,240 Speaker 1: between incumbent Labour's Stephen Miles and his opponent Liberal National 51 00:03:06,280 --> 00:03:10,320 Speaker 1: Party's David Chris Afully is close. A U Comm's poll 52 00:03:10,480 --> 00:03:13,680 Speaker 1: that's been released today has the LNP ahead of Labor 53 00:03:13,720 --> 00:03:16,840 Speaker 1: on a two party preferred basis fifty one to forty 54 00:03:16,919 --> 00:03:20,359 Speaker 1: nine percent. A news poll in The Australian has the 55 00:03:20,520 --> 00:03:23,280 Speaker 1: l ANDP a head fifty two point five to forty 56 00:03:23,320 --> 00:03:26,680 Speaker 1: seven point five percent. Labour's been in power for thirty 57 00:03:26,840 --> 00:03:29,960 Speaker 1: of the last thirty five years in the Sunshine State. 58 00:03:30,280 --> 00:03:33,359 Speaker 1: It's trying to win a fourth successive poll. But the 59 00:03:33,480 --> 00:03:36,680 Speaker 1: LNP had been expected to win this election. It's just 60 00:03:36,680 --> 00:03:39,960 Speaker 1: that fierce campaigning has now brought labor back into the race. 61 00:03:40,560 --> 00:03:44,520 Speaker 1: And finally, story number five. Tesla's share price jumped twenty 62 00:03:44,520 --> 00:03:48,480 Speaker 1: two percent overnight. That is its biggest single day gain 63 00:03:48,680 --> 00:03:51,080 Speaker 1: in over a decade, on the back of chief executive 64 00:03:51,080 --> 00:03:55,440 Speaker 1: Elon Musk's forecast of surging sales. Now, Mister Musk says 65 00:03:55,480 --> 00:03:58,520 Speaker 1: that sales next year will be up twenty to thirty percent, 66 00:03:58,640 --> 00:04:01,400 Speaker 1: in part because Tesla will look launch an affordable vehicle. 67 00:04:01,440 --> 00:04:03,800 Speaker 1: In the first half of twenty twenty five, about one 68 00:04:03,920 --> 00:04:06,080 Speaker 1: hundred and fifty billion US dollars was added to the 69 00:04:06,200 --> 00:04:09,920 Speaker 1: value of the company. Now. Tesla is not a cheap company, right. 70 00:04:09,960 --> 00:04:13,960 Speaker 1: It trades at seventy two times twelve month forward estimates. 71 00:04:14,560 --> 00:04:17,159 Speaker 1: That means that its value is seventy two times what 72 00:04:17,279 --> 00:04:20,159 Speaker 1: investors think it'll make in profit over the next twelve months. 73 00:04:20,600 --> 00:04:24,720 Speaker 1: Just for a comparison, though, consider this, Microsoft trades at 74 00:04:24,800 --> 00:04:29,239 Speaker 1: thirty one times Ford earnings and Ford another car company 75 00:04:29,680 --> 00:04:33,800 Speaker 1: trades are just six times Ford earnings. There you go. 76 00:04:34,120 --> 00:04:36,480 Speaker 1: That's it for the afternoon report for Friday, the twenty 77 00:04:36,520 --> 00:04:39,560 Speaker 1: fifth of October twenty twenty four. We'll be back tomorrow 78 00:04:39,600 --> 00:04:42,280 Speaker 1: morning with the weekend edition of Fear and Greed. Oh 79 00:04:42,320 --> 00:04:44,040 Speaker 1: Michael Thompson, enjoy your evening.