1 00:00:03,640 --> 00:00:07,080 Speaker 1: Welcome to Fear and Greed. Business Newsday Afternoon Report for Wednesday, 2 00:00:07,120 --> 00:00:10,160 Speaker 1: the thirteenth of November twenty twenty four. I'm Suan Aelma. 3 00:00:10,280 --> 00:00:12,920 Speaker 1: Every afternoon, We've got the five stories that happened today 4 00:00:12,920 --> 00:00:14,560 Speaker 1: that you need to know about. Storing number one. The 5 00:00:14,560 --> 00:00:19,040 Speaker 1: local share market tumbled early this morning, but then recovered somewhat. 6 00:00:19,440 --> 00:00:20,919 Speaker 1: It was on the back of a week a leading 7 00:00:21,040 --> 00:00:24,239 Speaker 1: from Wall Street that Trump trade was wound back a bit. 8 00:00:24,560 --> 00:00:27,680 Speaker 1: By the end of the day, the SMPASX two hundred 9 00:00:27,800 --> 00:00:30,120 Speaker 1: was down three quarters of a percent to eight thousand, 10 00:00:30,200 --> 00:00:33,480 Speaker 1: one hundred and ninety three points. Financials and industrial sold 11 00:00:33,479 --> 00:00:36,040 Speaker 1: off hard. A and z ED went ex dividend finished 12 00:00:36,080 --> 00:00:39,240 Speaker 1: down more than four percent. Otherwise, the big banks will lower, 13 00:00:39,280 --> 00:00:41,360 Speaker 1: as were the retailers and most of the big miners. 14 00:00:41,880 --> 00:00:45,760 Speaker 1: Newe's share price tumbled twenty two percent, having just hit 15 00:00:45,760 --> 00:00:49,240 Speaker 1: a record high, even though the group reiterated its growth 16 00:00:49,280 --> 00:00:52,000 Speaker 1: target for this financial year. Analyst said the selloff might 17 00:00:52,120 --> 00:00:55,800 Speaker 1: just reflect the lack of detail in Newey's ASEX announcement. Today. 18 00:00:56,120 --> 00:00:58,680 Speaker 1: Live three sixty share price tumbled seven percent after it 19 00:00:58,800 --> 00:01:01,240 Speaker 1: downgraded revenue four. It was the worst of the top 20 00:01:01,280 --> 00:01:04,120 Speaker 1: two hundred self wealth. It's not a top two hundred 21 00:01:04,120 --> 00:01:07,080 Speaker 1: stock but of a smaller company, but it sawed seventy 22 00:01:07,200 --> 00:01:10,600 Speaker 1: five percent after Bell Financial mayda fifty one million dollar 23 00:01:10,680 --> 00:01:13,320 Speaker 1: buy our bid. Best of the top two hundred today 24 00:01:13,360 --> 00:01:17,000 Speaker 1: was Paladin Energy. It jumped nearly nine percent, having fallen 25 00:01:17,040 --> 00:01:19,880 Speaker 1: twenty nine percent yesterday. A story number two, the Comonwealth 26 00:01:19,880 --> 00:01:23,000 Speaker 1: Bank boss Matt Common expects interest rates would start falling 27 00:01:23,640 --> 00:01:27,119 Speaker 1: early next year, probably February. He said it's a safe bet, 28 00:01:27,600 --> 00:01:30,720 Speaker 1: but also a finely balanced call for the Reserve Bank. 29 00:01:30,840 --> 00:01:33,360 Speaker 1: In fact, it could be a bit later. He was 30 00:01:33,400 --> 00:01:36,560 Speaker 1: speaking ahead of the Australian Bureau Statistics release of figures 31 00:01:36,800 --> 00:01:39,640 Speaker 1: showing a slow down in wages growth that is good 32 00:01:39,680 --> 00:01:42,600 Speaker 1: news for those wanting a rate cut. Mister Common says 33 00:01:42,760 --> 00:01:47,440 Speaker 1: that Australia's economy it's growing, but just growing slowly. Inflation 34 00:01:47,640 --> 00:01:51,760 Speaker 1: is moderating gradually, and there's still plenty of geopolitical tensions 35 00:01:52,040 --> 00:01:55,880 Speaker 1: creating uncertainty around the place. The Commonwealth Bank provided its 36 00:01:55,920 --> 00:01:59,720 Speaker 1: first quarter results unordered made an AFT tax profit of 37 00:01:59,720 --> 00:02:02,400 Speaker 1: two point five billion dollars for the three months to 38 00:02:02,440 --> 00:02:05,360 Speaker 1: the end of September. Its share price finished down about 39 00:02:05,400 --> 00:02:08,360 Speaker 1: half a percent. Story number three a couple of earnings 40 00:02:08,360 --> 00:02:11,959 Speaker 1: results out today. Aristocrat Leisure will pay a high dividend 41 00:02:12,120 --> 00:02:15,440 Speaker 1: for announcing a seventeen percent jump in full year profit. 42 00:02:15,680 --> 00:02:19,960 Speaker 1: That's normalized profit statutory profit was down ten percent, in 43 00:02:20,000 --> 00:02:22,840 Speaker 1: part due to the right downs of its mobile gaming business. 44 00:02:23,040 --> 00:02:26,200 Speaker 1: Its share price finished up nearly three percent, and building 45 00:02:26,280 --> 00:02:29,200 Speaker 1: products group James Hardy share price jumped six percent after 46 00:02:29,200 --> 00:02:32,600 Speaker 1: Fritz said it expects to deliver better profitability and launched 47 00:02:32,600 --> 00:02:36,200 Speaker 1: a three hundred million US dollar buyback. The improved outlook 48 00:02:36,200 --> 00:02:39,320 Speaker 1: comes after a decline in sales and earnings in the 49 00:02:39,360 --> 00:02:43,160 Speaker 1: September quarter for James Hardy. That profit was actually down 50 00:02:43,200 --> 00:02:47,040 Speaker 1: twenty three percent due to a challenging demand environment, particularly 51 00:02:47,240 --> 00:02:50,959 Speaker 1: in Asia and Europe. Story number four. Mineral Resources share 52 00:02:51,000 --> 00:02:54,520 Speaker 1: price fell seven percent today after it mothballed its bald 53 00:02:54,600 --> 00:02:59,560 Speaker 1: Hill lithium mine in Western Australia. Takes effect immediately. Three 54 00:02:59,639 --> 00:03:03,160 Speaker 1: hundred staff will be either sacked or redeployed. Mothballing the 55 00:03:03,200 --> 00:03:06,040 Speaker 1: mine will preserve cash and the value of Baldhill's spot 56 00:03:06,200 --> 00:03:09,399 Speaker 1: main or body for when prices improved. The company said 57 00:03:09,639 --> 00:03:12,519 Speaker 1: lithium spot man is fetching about eight hundred US dollars 58 00:03:12,560 --> 00:03:14,920 Speaker 1: a ton. At the moment, that's about ten percent of 59 00:03:14,960 --> 00:03:18,200 Speaker 1: its price two years ago. It was eight thousand US 60 00:03:18,240 --> 00:03:21,400 Speaker 1: dollars a ton back then. Lithium prices have suffered on 61 00:03:21,480 --> 00:03:24,360 Speaker 1: the back of a jump in supply, particularly from China 62 00:03:24,400 --> 00:03:27,800 Speaker 1: and Africa, also less demand for evs. There was also 63 00:03:27,880 --> 00:03:31,280 Speaker 1: speculation yesterday that Kevin Gallagher, who is the chief executive 64 00:03:31,280 --> 00:03:35,880 Speaker 1: officer of Santos, might replace Chris Ellison at Mineral Resources. 65 00:03:35,920 --> 00:03:40,080 Speaker 1: Santos said the rumors were fabricated without foundation and faults 66 00:03:40,520 --> 00:03:44,560 Speaker 1: and storing number five. Beijing has unveiled its latest stealth fighter, 67 00:03:44,960 --> 00:03:47,360 Speaker 1: the J three to five A, as part of the 68 00:03:47,400 --> 00:03:51,120 Speaker 1: modernization of its military. There's a five minute air show. 69 00:03:51,200 --> 00:03:54,320 Speaker 1: According to The Financial Times, China's trying to modernize its 70 00:03:54,320 --> 00:03:56,960 Speaker 1: military and challenge US dominance in the Asia Pacific region, 71 00:03:57,200 --> 00:04:01,080 Speaker 1: especially around Taiwan. Now two countries, the US and China, 72 00:04:01,160 --> 00:04:05,320 Speaker 1: can produce two types of stealth bombers. What's a stealth bomber. Well, 73 00:04:05,320 --> 00:04:08,480 Speaker 1: it can't be detected by radar or infrared. In fact, 74 00:04:08,720 --> 00:04:11,720 Speaker 1: it's not even visible. They say. That's it for the 75 00:04:11,800 --> 00:04:14,839 Speaker 1: Afternoon Report for Wednesday, the thirteenth of November twenty twenty 76 00:04:14,880 --> 00:04:17,080 Speaker 1: four Adam Lang and I will be back tomorrow morning 77 00:04:17,120 --> 00:04:20,120 Speaker 1: with the Thursday edition of Fear and Greet Business News. 78 00:04:20,160 --> 00:04:22,119 Speaker 1: I'm Sean Elma. Enjoy your evening.