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Speaker 1: Welcome to the Fearing Greed Business Year's Afternoon Report for Wednesday,

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Speaker 1: the twenty second of May twenty twenty four. I'm Sean Aylmer.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. Story um one, the

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Speaker 1: market jumped on opening today, came very close to a

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Speaker 1: new record, and then fell back during the afternoon to

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Speaker 1: close flat. Or to be exact, the SMPAASEX two hundred

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Speaker 1: ended down three point six points to seven eight hundred

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Speaker 1: and forty eight points. The telcos did poorly Telstra close

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Speaker 1: down four percent, as did consumer discretionary stocks. Utilities were

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Speaker 1: among the worst performers among large caps. Toll Road Group

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Speaker 1: Transurban was about the best performer, up two point four percent,

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Speaker 1: while A and Z to four to, s QW Metals Group, Macquarie,

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Speaker 1: rear Tinto, Weistech Global, and QBE all rose more than

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Speaker 1: one percent. Where's Farmers was down one point six percent

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Speaker 1: or Commonwealth Bank, Woodside and Aristocrat Leisure were also lower.

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Speaker 2: Story number two. Authorities were investigating exactly what happened on

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Speaker 2: a Singapore airline's flight last night, which struck severe turbulence

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Speaker 2: over the Irrawaddy Basin in Mienma. Fifty six Australians were

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Speaker 2: among the two hundred and eleven passengers and eighteen crew

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Speaker 2: aboard the Boeing Trip seven London to Singapore flight. One

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Speaker 2: passenger died from a heart attack, while seventy others were injured,

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Speaker 2: including eight Australians. The aircraft was cruising at five hundred

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Speaker 2: knots at a height of thirty seven thousand feet when

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Speaker 2: it encountered the turbulence. It initially climbed quickly about four

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Speaker 2: hundred feet, then dropped four hundred feet. The plane then

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Speaker 2: descended to six thousand feet in about five minutes as

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Speaker 2: it diverted to land in Bangkok. Passengers reported being thrown

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Speaker 2: into the air, hitting their heads and lockers. That type

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Speaker 2: of thing. Some of the visuals are very disturbing. Story

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Speaker 2: number three. Lend Leas's chairman Michael Ulmer has about to

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Speaker 2: invest a pressure and will step down at the company's

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Speaker 2: shareholder meeting in November. Also set to depart in November

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Speaker 2: is non executive director Nikola Wakefield Evans. The decision comes

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Speaker 2: three days after Lenles's largest investor, Aware Suka, called for

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Speaker 2: the board to expedite mister Ulma's exit and undertake renewal

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Speaker 2: as Lendle's attempts to overhaul its poorly performing global development business.

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Speaker 2: Also in London tonight, bhp sixty four point four billion

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Speaker 2: dollar bid for Anglo American hits its time frame in

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Speaker 2: fact five pm London time deadline under UK take Over

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Speaker 2: Panel rules. It means it must have announced a firm

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Speaker 2: intention to make an offer for Anglo or announced it

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Speaker 2: doesn't intend to make an offer at all by that time.

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Speaker 2: It's about two am tomorrow morning. Australian Eastern Time. Story

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Speaker 2: number four. Plenty of corporate news around the place, Travel

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Speaker 2: group webjets that it's considering splitting its consumer and business

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Speaker 2: facing businesses, setting its share price up eight percent. Ingham's

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Speaker 2: share price fell six percent aft but the discovery of

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Speaker 2: Bird Fluid and Ink Farm in Victoria. Shares in biotech

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Speaker 2: Telix Pharmaceuticals jumped two and a half a cent after

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Speaker 2: it held its annual general meeting and confirm plans to

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Speaker 2: float Script on the Nasdaq Index. Consumer lender Plenty said

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Speaker 2: net profit jumped thirty six percent for the financial year

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Speaker 2: to March thirty one, sending its share price up three percent.

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Speaker 2: Small cap drone Shell said a US government customer had

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Speaker 2: awarded it a repeat five point seven million dollar contract

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Speaker 2: for its counter drone systems. Its share price jumped one percent.

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Speaker 2: It's almost tripled in the past six months. That company

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Speaker 2: and Naoi Cotton's board has advised shareholders to reject French

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Speaker 2: agribusiness Louis Drefus's take offer of sixty seven cents per share.

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Speaker 2: The Louis Drefus offer price is below the seventy cents

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Speaker 2: per share offered by rival bidder olum Agri, which is

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Speaker 2: the Singaporean business and story number five. Australia's largest car dealership,

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Speaker 2: Eagers has worn that June half profits will be down

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Speaker 2: fifteen percent on last year, sending its share price tumbling

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Speaker 2: fourteen percent. A slow down and consumer spending is hitting

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Speaker 2: vehicle sales and Eagers has ten percent of that market

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Speaker 2: In Australia. Extra supply of vehicles from overseas manufacturers had

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Speaker 2: led to more competitive conditions in this sector. Also, eagers

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Speaker 2: joint venture in Australia with Chinese trick vehicle maker BYD

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Speaker 2: is struggling with lower than expected returns. While vehicle sales

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Speaker 2: are up until the end of last month. According to

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Speaker 2: the Federal Chamber of Bardo mode of industries, margins are

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Speaker 2: being squeezed. Sidney Identity Nick Politis owns twenty seven percent

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Speaker 2: of Eagles, and after the share price fall today, wapped

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Speaker 2: off about one hundred and sixty million dollars from his stake.

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Speaker 2: As if for the afternoon report for Wednesday, the twenty

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Speaker 2: second of May twenty twenty four, don't forget to hit

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Speaker 2: follow on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 2: ex TikTok and Facebook. Joy Michael Thompson and.

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Speaker 1: I Toorroy I' morning for the Fast five by Fear

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Speaker 1: and Greed the top five business stories you need to

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Speaker 1: know in just five minutes.

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Speaker 2: I'm Sean Elmer. Enjoy your email