1 00:00:04,240 --> 00:00:07,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,480 --> 00:00:10,119 Speaker 1: for Friday, the twenty fifth of October twenty twenty four. 3 00:00:10,480 --> 00:00:13,200 Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that 4 00:00:13,280 --> 00:00:15,280 Speaker 1: happened today that you need to know about. So let's 5 00:00:15,320 --> 00:00:18,040 Speaker 1: get going with story number one. The S and p 6 00:00:18,280 --> 00:00:21,720 Speaker 1: ASX two hundred closed up just five points today or 7 00:00:21,840 --> 00:00:25,480 Speaker 1: zero points, zero six percent to eighty two hundred and 8 00:00:25,560 --> 00:00:28,920 Speaker 1: eleven points. I'll call that pretty flat. There wasn't much 9 00:00:28,960 --> 00:00:32,000 Speaker 1: movement among the top stocks, though there was plenty of 10 00:00:32,040 --> 00:00:35,519 Speaker 1: corporate news. Quantus held ats AGM in Hobart and provided 11 00:00:35,560 --> 00:00:39,520 Speaker 1: an upbeat outlook domestically, though warned of more competition in 12 00:00:39,520 --> 00:00:43,599 Speaker 1: international routes hurting returns. Newmont's share price fell more than 13 00:00:43,680 --> 00:00:48,600 Speaker 1: thirteen percent after a September quarter earnings. Miss Mineral Resources 14 00:00:48,680 --> 00:00:52,279 Speaker 1: again fell sharply, down five percent, on media reports that 15 00:00:52,440 --> 00:00:57,040 Speaker 1: managing director Chris Ellison and other board members allegedly purchased 16 00:00:57,080 --> 00:01:00,560 Speaker 1: mining equipment from the company at significant discount to market 17 00:01:00,640 --> 00:01:06,080 Speaker 1: rates at unibale. Redamco Westfield, which owns the international Westfield malls, 18 00:01:06,400 --> 00:01:09,200 Speaker 1: said earnings would be the upper end of guidance. Rubbish 19 00:01:09,240 --> 00:01:13,120 Speaker 1: collector clean Away affirmed its profit guidance. ResMed announced an 20 00:01:13,160 --> 00:01:15,680 Speaker 1: eleven percent jump in revenue in the September quarter thanks 21 00:01:15,720 --> 00:01:19,160 Speaker 1: to high demand for its sleep devices and masks portfolio, 22 00:01:19,680 --> 00:01:24,120 Speaker 1: and metcash fell three point three percent after flagging additional 23 00:01:24,240 --> 00:01:27,520 Speaker 1: cost cutting measures in response to week trading in its 24 00:01:27,560 --> 00:01:31,679 Speaker 1: hardware unit. That is a busy, busy Friday Onto Story 25 00:01:31,760 --> 00:01:34,960 Speaker 1: number two wistech Global share price jumped by as much 26 00:01:35,000 --> 00:01:38,800 Speaker 1: as sixteen percent today following last night's announcement that founder 27 00:01:38,840 --> 00:01:42,480 Speaker 1: and long term CEO Richard White would step down now. 28 00:01:42,480 --> 00:01:45,800 Speaker 1: Mister White, who has been embroiled in allegations involving his 29 00:01:45,920 --> 00:01:49,000 Speaker 1: personal life, will take a brief break before taking up 30 00:01:49,040 --> 00:01:52,440 Speaker 1: a quote full time, long term consulting role with the 31 00:01:52,480 --> 00:01:56,240 Speaker 1: company focused on product and business development. He will still 32 00:01:56,280 --> 00:01:59,120 Speaker 1: be paid a one million dollar annual salary and will 33 00:01:59,160 --> 00:02:03,520 Speaker 1: report to the and board, not the CEO, so he 34 00:02:03,600 --> 00:02:05,840 Speaker 1: won't be CEO, but we'll still have a big role 35 00:02:05,880 --> 00:02:08,680 Speaker 1: in the company and that's what investors liked, sending the 36 00:02:08,720 --> 00:02:12,239 Speaker 1: share price up sharply. It closed twelve point seven percent higher. 37 00:02:12,880 --> 00:02:17,000 Speaker 1: Story number three Prime Minister Anthony Abernezi met his British counterpart, 38 00:02:17,080 --> 00:02:20,520 Speaker 1: Sir Keir Starmer on the sidelines of the Commonwealth Heads 39 00:02:20,520 --> 00:02:24,480 Speaker 1: of Government meeting in Samoa today. The two discussed security, 40 00:02:24,800 --> 00:02:28,600 Speaker 1: They talked about trade and investment links. Mister Albanesi said 41 00:02:28,639 --> 00:02:31,680 Speaker 1: Australia and the UK are long standing partners with common 42 00:02:31,760 --> 00:02:35,600 Speaker 1: values and aligned strategic interests, and the two agreed to 43 00:02:35,600 --> 00:02:39,760 Speaker 1: negotiate a new climate and energy partnership which would maximize 44 00:02:39,800 --> 00:02:44,440 Speaker 1: the potential of the net zero transition. Chogham, which includes 45 00:02:44,639 --> 00:02:48,200 Speaker 1: fifty six Commonwealth nations, is a biennial event and King 46 00:02:48,320 --> 00:02:51,320 Speaker 1: Charles the Third and Queen Camilla are attending. It's being 47 00:02:51,360 --> 00:02:54,239 Speaker 1: hosted in the Pacific region for the first time, highlighting 48 00:02:54,320 --> 00:02:58,360 Speaker 1: the gathering's focus on climate change. Onto story Number four. 49 00:02:58,560 --> 00:03:01,960 Speaker 1: Queenslanders are off to the polls tomorrow and the race 50 00:03:02,040 --> 00:03:06,880 Speaker 1: between incumbent Labour's Stephen Miles and his opponent Liberal National 51 00:03:06,919 --> 00:03:10,640 Speaker 1: Party's David chris a Fully is close. A u COM's 52 00:03:10,720 --> 00:03:13,919 Speaker 1: poll that's been released today has the LNP ahead of 53 00:03:14,000 --> 00:03:16,920 Speaker 1: Labor on a two party preferred basis fifty one to 54 00:03:17,080 --> 00:03:20,919 Speaker 1: forty nine percent. A news poll in The Australian has 55 00:03:20,960 --> 00:03:23,919 Speaker 1: the LNP a head fifty two point five to forty 56 00:03:23,960 --> 00:03:27,320 Speaker 1: seven point five percent. Labour's been in power for thirty 57 00:03:27,480 --> 00:03:30,560 Speaker 1: of the last thirty five years in the Sunshine State. 58 00:03:30,880 --> 00:03:34,000 Speaker 1: It's trying to win a fourth successive poll. But the 59 00:03:34,120 --> 00:03:37,280 Speaker 1: LNP had been expected to win this election. It's just 60 00:03:37,320 --> 00:03:40,600 Speaker 1: that fierce campaigning has now brought Labor back into the race. 61 00:03:41,200 --> 00:03:45,160 Speaker 1: And finally, story number five. Tesla's share price jumped twenty 62 00:03:45,160 --> 00:03:49,120 Speaker 1: two percent overnight. That is its biggest single day gain 63 00:03:49,320 --> 00:03:51,680 Speaker 1: in over a decade, on the back of chief executive 64 00:03:51,720 --> 00:03:56,080 Speaker 1: Elon Musk's forecast of surging sales. Now, Mister Musk says 65 00:03:56,120 --> 00:03:59,160 Speaker 1: that sales next year will be up twenty to thirty percent, 66 00:03:59,280 --> 00:04:02,160 Speaker 1: in part because Tesla will launch an affordable vehicle. In 67 00:04:02,200 --> 00:04:04,840 Speaker 1: the first half of twenty twenty five, about one hundred 68 00:04:04,840 --> 00:04:07,200 Speaker 1: and fifty billion US dollars was added to the value 69 00:04:07,200 --> 00:04:10,560 Speaker 1: of the company. Now. Tesla is not a cheap company, right. 70 00:04:10,560 --> 00:04:14,600 Speaker 1: It trades at seventy two times twelve month forward estimates. 71 00:04:15,200 --> 00:04:17,800 Speaker 1: That means that its value is seventy two times what 72 00:04:17,920 --> 00:04:20,800 Speaker 1: investors think it'll make in profit over the next twelve months. 73 00:04:21,240 --> 00:04:25,360 Speaker 1: Just for a comparison, though, consider this, Microsoft trades at 74 00:04:25,440 --> 00:04:29,880 Speaker 1: thirty one times Ford earnings, and Ford, another car company, 75 00:04:30,279 --> 00:04:34,440 Speaker 1: trades are just six times Ford earnings. There you go. 76 00:04:34,760 --> 00:04:37,240 Speaker 1: That's it for the afternoon report for Friday, the twenty 77 00:04:37,279 --> 00:04:39,560 Speaker 1: fifth of October twenty twenty four. Don't forget to hit 78 00:04:39,600 --> 00:04:43,400 Speaker 1: follow on the podcast and find Fear and Greed on LinkedIn, Instagram, 79 00:04:43,680 --> 00:04:46,880 Speaker 1: x TikTok, and Facebook. Join us tomorrow morning for the 80 00:04:46,920 --> 00:04:49,520 Speaker 1: weekend edition of the Fast five Business News by Fear 81 00:04:49,560 --> 00:04:52,120 Speaker 1: and Greed. I'm Michael Thompson. Enjoy your evening.