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

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Speaker 1: for Wednesday, the fourth of December twenty twenty four. I'm

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Speaker 1: Sean Alman. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Story number

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Speaker 1: one a big one. The Australian economy grew by just

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Speaker 1: zero point three percent in the September quarter, taking annual

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Speaker 1: growth to less than one percent, its lowest level since

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Speaker 1: the early nineteen nineties if you exclude the COVID pandemic

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Speaker 1: that sent local markets lower. Starting with the Aussie dollar,

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Speaker 1: investors sold down the currency to sixty four point seven

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Speaker 1: u s sense. That reflects bets that maybe the Reserve

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Speaker 1: Bank will need to do something about interest rates before

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Speaker 1: the middle of next year. Bond markets also reacted and

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Speaker 1: are pricing in a two to three chance of a

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Speaker 1: rate cut by April next year. On the share market,

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Speaker 1: the SMPASX two hundred closed down almost half a percent

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Speaker 1: to eighty four hundred and sixty three points. The big

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Speaker 1: miners did best on the back of rising iron ore prices. BHP,

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Speaker 1: Forswan Group in Rio all finished up around one percent.

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Speaker 1: The real estate investment trusts were worse thanks to a

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Speaker 1: selloff in Goodman. It ended down three percent. Banks were

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Speaker 1: also laggards, reflecting fears about economic growth and what that

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Speaker 1: means for loan repayments. Westpac, National, Australia Bank and an

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Speaker 1: Z all fell around one and a half percent. Best

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Speaker 1: performer on the day was Goozman E Gomez, up five percent,

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Speaker 1: while Star Entertainment was the worst, down seven percent. Story

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Speaker 1: number two tab Corp boss Gil McLaughlin has successfully cut

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Speaker 1: about ten percent of the wagering Group's workforce, or two

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Speaker 1: hundred jobs, as he attempts to simplify the business. The

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Speaker 1: jobs have gone since the annual general meeting in October

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Speaker 1: when mister McLoughlin flagged the cuts. They come from across

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Speaker 1: the business and there's also a reduction in external consultants.

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Speaker 1: Mister McGlocklin wants the business to be more in line

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Speaker 1: with digital plays. According to The Financial Review, Tabcorp's share

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Speaker 1: price tumbled in August when the CEO said it wouldn't

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Speaker 1: hit cost cutting targets or reach its goal of thirty

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Speaker 1: percent share of digital wagering market by next year. It

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Speaker 1: was down two percent. Today it's off nearly twenty five

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Speaker 1: percent for the year. Story number three, Andrew and Nikola

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Speaker 1: forres Mindru Foundation has committed one hundred million dollars to

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Speaker 1: a new woman's investment fund with the goal of driving

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Speaker 1: gender equality. It's an initiative of the Future Generation and

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Speaker 1: Investment House with more than a billion dollars under management,

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Speaker 1: it raises money for charities. In its ten years, it's

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Speaker 1: given ninety million dollars to charities. The new fund, Future

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Speaker 1: Generation Women, will be an unlisted trust in the Future

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Speaker 1: Generation Group or Investing, will be managed by female fund

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Speaker 1: managers and Future Gen boss Jeff Wilson hopes it will

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Speaker 1: drive strong gender equity practices. The fund will have no

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Speaker 1: management or performance fees for investors. The goal, of course,

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Speaker 1: is to provide strong returns. One percent of assets each

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Speaker 1: year will be given to nonprofits that advance economic equality

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Speaker 1: and opportunity for women and their children in Australia, a

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Speaker 1: very worthwhile fund. Story number four. Pro Medicus share price

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Speaker 1: jump two percent today, pushing its value to more than

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Speaker 1: twenty seven billion dollars after its founders said they don't

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Speaker 1: plan to sell any more shares in the foreseeable future.

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Speaker 1: Pro Medicus is one of those companies with founders running

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Speaker 1: the business. The two guys are called Sam Hubert and

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Speaker 1: Anthony Hall. On Tuesday night, last night they sold two

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Speaker 1: million shares worth about half a billion dollars. That's booked

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Speaker 1: the market just to touch. But today the two mister

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Speaker 1: Hupert and mister Hall, were out reassuring investors. The Radiology

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Speaker 1: Imaging Company only entered the top one hundred stocks in

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Speaker 1: March this year. It's now a top twenty five stock

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Speaker 1: on the back of a two hundred percent jump in

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Speaker 1: its share price this year. One of the things it's

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Speaker 1: only got two substantial shareholders. So a substantial shareholder is

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Speaker 1: someone above five percent. That's mister Hupert and mister Hall.

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Speaker 1: They owned about twelve billion dollars worth of the stock,

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Speaker 1: but because it's now so big, fund managers need to

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Speaker 1: own it, so any of demand out there. The two

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Speaker 1: sold down last night, but they said they're not selling

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Speaker 1: any more for the time being. And story number five.

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Speaker 1: Maybe it's an end of year thing, but there seems

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Speaker 1: to be a bit of corporate activity around the place

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Speaker 1: at the moment. Rio Tinto and Japanese giant Sumatomo Metal

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Speaker 1: Mining have done a joint venture to develop the winnw

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Speaker 1: copper gold project in Western Australia's Great Sandy Desert. Sumatomo

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Speaker 1: will buy a thirty percent stake in the project for

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Speaker 1: a bit over six hundred million dollars. It certainly pushes

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Speaker 1: Rare further into copper. Pacific Equity Partners has officially agreed

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Speaker 1: to acquire a leasing group SG Fleet for around one

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Speaker 1: point four billion dollars. Investors piled into management software company

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Speaker 1: Brevia today after upgraded its earnings guidance for this financial year.

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Speaker 1: Its share price finished up twenty one percent and shares

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Speaker 1: in Auckland International Airport entered a training halt today. As

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Speaker 1: its major shareholder, the Auckland Council positions itself for a

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Speaker 1: one billion dollar plus sell down out of the group

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Speaker 1: as if the Afternoon Report for Wednesday, the fourth of

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Speaker 1: December twenty two For don't forget to follow on the

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Speaker 1: podcast and find Fear and Greed on LinkedIn, Instagram, ex

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Speaker 1: TikTok and Facebook. Join Michael Thompson and I Tomorrow I'm

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Speaker 1: morning for the Fast five by Fear and Greed, the

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Speaker 1: top five business stories you need to know in just

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Speaker 1: five minutes. I'm Suan Aelma. Enjoy your evening