1 00:00:04,160 --> 00:00:07,000 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,080 --> 00:00:09,760 Speaker 1: for Thursday, the twelfth of February twenty twenty six are 3 00:00:09,760 --> 00:00:12,760 Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that 4 00:00:12,840 --> 00:00:15,239 Speaker 1: happened today that you need to know about. Let's go 5 00:00:15,240 --> 00:00:17,000 Speaker 1: a story number one. The S and PA s X 6 00:00:17,000 --> 00:00:20,079 Speaker 1: two hundred hit an intra day high today of nine thousand, 7 00:00:20,120 --> 00:00:23,080 Speaker 1: one hundred and five points, but it couldn't quite hold on, 8 00:00:23,480 --> 00:00:25,439 Speaker 1: and a late sell off in the tech sector saw 9 00:00:25,480 --> 00:00:27,840 Speaker 1: the boss end the day at nine thousand and forty 10 00:00:27,880 --> 00:00:31,280 Speaker 1: four points, not quite as good as looking earlier, but 11 00:00:31,400 --> 00:00:33,960 Speaker 1: still up zero point three percent for the day. The 12 00:00:34,000 --> 00:00:37,239 Speaker 1: big story was A and Z. The bank announced a 13 00:00:37,280 --> 00:00:40,240 Speaker 1: quarterly profit of one point nine four billion dollars, which 14 00:00:40,280 --> 00:00:43,960 Speaker 1: was largely driven by cost cutting after thousands of job cuts. 15 00:00:44,400 --> 00:00:46,920 Speaker 1: Investors clearly liked what they heard. A and Z's share 16 00:00:46,960 --> 00:00:50,800 Speaker 1: price climbed eight point five percent. That is its best 17 00:00:50,840 --> 00:00:53,199 Speaker 1: day in six years. The rest of the banks went 18 00:00:53,200 --> 00:00:56,000 Speaker 1: well to Commonwealth Bank added to its stellar result yesterday 19 00:00:56,000 --> 00:00:59,680 Speaker 1: with another five point four percent climb Today, Westpac and 20 00:00:59,760 --> 00:01:02,320 Speaker 1: NA We're both up around two percent. But I mentioned 21 00:01:02,320 --> 00:01:05,600 Speaker 1: the tech stocks Wise Tech Global zero and technology one 22 00:01:05,640 --> 00:01:08,720 Speaker 1: were all sold off. They tumbled last week after fears 23 00:01:08,720 --> 00:01:11,280 Speaker 1: out of the US that AI was really going to 24 00:01:11,360 --> 00:01:16,080 Speaker 1: disrupt software providers. The sector rallied earlier in the week, 25 00:01:16,160 --> 00:01:18,559 Speaker 1: but today the slump resumed after a pretty poor lead 26 00:01:18,600 --> 00:01:21,240 Speaker 1: in from US tech stocks and the other one worth 27 00:01:21,240 --> 00:01:25,360 Speaker 1: a mention, Biotech CSL dropped almost seven percent today, adding 28 00:01:25,400 --> 00:01:28,080 Speaker 1: to its losses from yesterday after its poor earnings result 29 00:01:28,400 --> 00:01:31,080 Speaker 1: and the sudden departure of its CEO. Plenty of other 30 00:01:31,120 --> 00:01:33,160 Speaker 1: companies reporting results. I'll get to a few more in 31 00:01:33,200 --> 00:01:36,280 Speaker 1: a little bit. Story number two. It is official Angus 32 00:01:36,319 --> 00:01:39,440 Speaker 1: Taylor is challenging Opposition leader Susan Lee for the Liberal 33 00:01:39,440 --> 00:01:43,480 Speaker 1: Party leadership, with a meeting now set for nine am tomorrow. 34 00:01:43,680 --> 00:01:47,600 Speaker 1: In a fairly chaotic day at Parliament House, Taylor confirmed 35 00:01:47,640 --> 00:01:50,960 Speaker 1: he was running and had a bunch of MPs quit 36 00:01:51,120 --> 00:01:53,960 Speaker 1: the front bench as back as formally called then for 37 00:01:54,000 --> 00:01:56,680 Speaker 1: a party room ballot. There was a social media video 38 00:01:56,880 --> 00:01:59,279 Speaker 1: out from Angus Taylor saying that he was running because 39 00:01:59,360 --> 00:02:02,120 Speaker 1: quote Australia there is worth fighting for. He argued that 40 00:02:02,200 --> 00:02:05,480 Speaker 1: Liberals had lost their way and that they needed strong 41 00:02:05,520 --> 00:02:09,600 Speaker 1: and decisive leadership. Senior Liberal James Patterson who resigned from 42 00:02:09,680 --> 00:02:12,840 Speaker 1: Lee's shadow ministry, said he no longer had confidence in 43 00:02:13,000 --> 00:02:17,400 Speaker 1: her in her ability to turn this ship around. He 44 00:02:17,440 --> 00:02:21,160 Speaker 1: called Angus Taylor the smartest policy mind in the shadow cabinet. 45 00:02:21,360 --> 00:02:24,040 Speaker 1: Taylor's camp says it has the numbers. Others say the 46 00:02:24,120 --> 00:02:27,360 Speaker 1: messy rollout of his challenge may have cost him support, 47 00:02:27,480 --> 00:02:30,480 Speaker 1: but we shall find out tomorrow morning at nine am. 48 00:02:30,800 --> 00:02:34,399 Speaker 1: Story number three. AMP shares have recorded their worst day 49 00:02:34,520 --> 00:02:37,480 Speaker 1: in more than two decades, falling more than twenty eight 50 00:02:37,480 --> 00:02:41,000 Speaker 1: percent after it reported a lower full year profit. Net 51 00:02:41,000 --> 00:02:43,600 Speaker 1: profit fell eleven percent to one hundred and thirty three 52 00:02:43,639 --> 00:02:46,000 Speaker 1: million dollars in twenty twenty five, way down by one 53 00:02:46,080 --> 00:02:49,880 Speaker 1: off costs linked to legacy class action settlement stemming from 54 00:02:49,880 --> 00:02:53,079 Speaker 1: the Hain Royal Commission. While the once blue chip company 55 00:02:53,280 --> 00:02:56,680 Speaker 1: doubled its final dividend, analyst said the market had been 56 00:02:56,720 --> 00:03:00,280 Speaker 1: looking for stronger capital management. The wealth platform business was 57 00:03:00,320 --> 00:03:03,800 Speaker 1: the standout performer, benefiting from advisors shifting clients out of 58 00:03:03,800 --> 00:03:07,400 Speaker 1: industry funds and into retail offerings. It is the last 59 00:03:07,400 --> 00:03:10,840 Speaker 1: result for outgoing CEO Alexis George, who retires at the 60 00:03:10,880 --> 00:03:13,840 Speaker 1: end of next month. Story number four. It is as 61 00:03:13,880 --> 00:03:16,800 Speaker 1: I've mentioned several times. Now earning season, a bunch of 62 00:03:16,840 --> 00:03:19,160 Speaker 1: companies were reporting results today. A quick wrap of some 63 00:03:19,200 --> 00:03:23,520 Speaker 1: of the bigger results. Insurance Australia Group said severe weather 64 00:03:23,600 --> 00:03:26,720 Speaker 1: in Queensland late last year saw a surge in claims 65 00:03:27,080 --> 00:03:31,160 Speaker 1: at the RACQ business that IOG had bought that hit 66 00:03:31,240 --> 00:03:34,160 Speaker 1: net profit. Share price fell six percent. A growing number 67 00:03:34,160 --> 00:03:39,240 Speaker 1: of home ber risters has helped Revel Group rereach record revenue. 68 00:03:39,360 --> 00:03:41,520 Speaker 1: A lot of ours there in the December half, with 69 00:03:42,120 --> 00:03:44,360 Speaker 1: share price up one and a half percent. Temple and 70 00:03:44,400 --> 00:03:48,400 Speaker 1: Webster plunged thirty one percent today after a slump in 71 00:03:48,440 --> 00:03:52,600 Speaker 1: net profit, and medical imaging group Omedicus tumbled twenty three 72 00:03:52,640 --> 00:03:56,160 Speaker 1: percent after earnings disappointed for the December half, even though 73 00:03:56,200 --> 00:03:58,280 Speaker 1: profit in the half was up two hundred and thirty 74 00:03:58,320 --> 00:04:02,880 Speaker 1: one percent. Some very big moves today. Finally, story number five. 75 00:04:02,960 --> 00:04:06,560 Speaker 1: Canadian police have identified the shooter behind a school massacre 76 00:04:06,680 --> 00:04:10,080 Speaker 1: in British Columbia as an eighteen year old who previously 77 00:04:10,120 --> 00:04:14,240 Speaker 1: had contact with police over mental health issues. Officials in 78 00:04:14,280 --> 00:04:19,200 Speaker 1: the remote community of tumblr Ridge say Jesse Van Rutzla 79 00:04:19,480 --> 00:04:22,240 Speaker 1: was a biological male who began to identify as female 80 00:04:22,240 --> 00:04:26,159 Speaker 1: about six years ago. Previously attended tumblr Ridge Secondary School 81 00:04:26,200 --> 00:04:29,119 Speaker 1: before dropping out about four years ago. At The death 82 00:04:29,160 --> 00:04:32,080 Speaker 1: toll in yesterday's shooting has been revised to nine, including 83 00:04:32,080 --> 00:04:35,080 Speaker 1: the shooter, who died by suicide at Police say the 84 00:04:35,200 --> 00:04:38,120 Speaker 1: attacker first killed her mother and eleven year old stepbrother 85 00:04:38,160 --> 00:04:41,080 Speaker 1: at the family home before going to the school, where 86 00:04:41,120 --> 00:04:44,560 Speaker 1: a teacher and five students were killed. Prime Minister Mark 87 00:04:44,640 --> 00:04:47,520 Speaker 1: Carney has ordered flags to fly at half massed for 88 00:04:47,560 --> 00:04:49,840 Speaker 1: seven days. There will also be a day of mourning 89 00:04:50,080 --> 00:04:52,120 Speaker 1: which will be held really as the country comes to 90 00:04:52,240 --> 00:04:56,800 Speaker 1: terms with one of the worst mass shootings in Canada's history. 91 00:04:57,160 --> 00:05:00,880 Speaker 1: That's it for the Afternoon Report for Thursday of February 92 00:05:00,880 --> 00:05:03,240 Speaker 1: twenty twenty six. Make sure you're following the podcast and 93 00:05:03,279 --> 00:05:05,640 Speaker 1: please head along to Fearangreed dot com dot au to 94 00:05:05,720 --> 00:05:08,479 Speaker 1: sign up for our free daily newsletter. I'm Michael Thompson. 95 00:05:08,640 --> 00:05:09,279 Speaker 1: Enjoy your reading.