1 00:00:03,640 --> 00:00:06,480 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:09,080 Speaker 1: for Tuesday, the twentieth of August twenty twenty four. I'm 3 00:00:09,119 --> 00:00:11,840 Speaker 1: Sean A. Elmer. Every afternoon, we've got the five stories 4 00:00:11,880 --> 00:00:13,760 Speaker 1: that happened today that you need to know about. Story 5 00:00:13,840 --> 00:00:16,520 Speaker 1: number one. The SMPA six two hundred finished up zero 6 00:00:16,600 --> 00:00:19,960 Speaker 1: point two percent today to seven thousand, nine hundred and 7 00:00:20,079 --> 00:00:22,400 Speaker 1: ninety eight points, having earlier in the day pushed through 8 00:00:22,440 --> 00:00:25,520 Speaker 1: that eight thousand point barrier. Broadly, the tech stocks did 9 00:00:25,560 --> 00:00:28,520 Speaker 1: well and the real estate companies did poorly, though most 10 00:00:28,560 --> 00:00:31,639 Speaker 1: of the big moves were earnings related wise. Tech Global 11 00:00:31,680 --> 00:00:33,839 Speaker 1: BHP and four to s QW Metals were among the 12 00:00:33,840 --> 00:00:36,800 Speaker 1: best performers of the large caps, while Goodman Group an 13 00:00:36,840 --> 00:00:40,559 Speaker 1: Aristocrat Leisure were laggards. The big banks were mixed, so 14 00:00:40,600 --> 00:00:43,800 Speaker 1: to the big retailer's worth mentioned tech company Appen, It 15 00:00:43,880 --> 00:00:46,840 Speaker 1: told the stock exchange today that it has no explanation 16 00:00:47,200 --> 00:00:50,839 Speaker 1: for its share jumping fifty percent in the past few sessions. 17 00:00:51,040 --> 00:00:54,400 Speaker 1: Appen closed eight percent higher today, meaning it's up fifty 18 00:00:54,440 --> 00:00:57,120 Speaker 1: percent over the last five sessions and one hundred and 19 00:00:57,200 --> 00:01:00,960 Speaker 1: sixty percent since late last month. Story number two. The 20 00:01:01,080 --> 00:01:04,240 Speaker 1: share of Australian's role to vote has reached a near record, 21 00:01:04,280 --> 00:01:07,240 Speaker 1: with pre election enrollment now at its highest level of 22 00:01:07,280 --> 00:01:11,280 Speaker 1: all time. Official figures released by the Australian Electoral Commission 23 00:01:11,520 --> 00:01:15,440 Speaker 1: show ninety seven point nine percent of all eligible Australians 24 00:01:15,760 --> 00:01:17,760 Speaker 1: are enrolled to vote at least they were at the 25 00:01:17,840 --> 00:01:20,319 Speaker 1: end of June. That figure is higher than the proportion 26 00:01:20,480 --> 00:01:22,800 Speaker 1: leading into the previous federal election in twenty twenty two 27 00:01:22,920 --> 00:01:26,000 Speaker 1: that was ninety six point two percent. An estimated ninety 28 00:01:26,000 --> 00:01:29,560 Speaker 1: two point nine percent of Indigenous Australians are enrolled to vote, 29 00:01:29,760 --> 00:01:33,000 Speaker 1: significantly higher than the seventy nine point three percent leading 30 00:01:33,040 --> 00:01:36,759 Speaker 1: into the last federal election. Story number three. Property investor, 31 00:01:36,959 --> 00:01:40,720 Speaker 1: developer and fund manager Dexas posts a one point five 32 00:01:40,760 --> 00:01:44,160 Speaker 1: to eight billion dollar loss for the last financial year, 33 00:01:44,720 --> 00:01:49,120 Speaker 1: deepening the previous year's loss after recording huge devaluations across 34 00:01:49,160 --> 00:01:51,960 Speaker 1: its portfolio. In twenty twenty three, the loss was seven 35 00:01:52,080 --> 00:01:55,360 Speaker 1: hundred and fifty three million dollars, and the significant worsening 36 00:01:55,440 --> 00:01:58,640 Speaker 1: reflects higher interstrates triggering a reduction in the future value 37 00:01:58,680 --> 00:02:02,920 Speaker 1: of properties. The result sent Dexas' share price down nine 38 00:02:02,960 --> 00:02:06,600 Speaker 1: percent today If you exclude the change in valuations. Dexas' 39 00:02:06,680 --> 00:02:09,720 Speaker 1: funds from operations was five hundred and sixteen million dollars. 40 00:02:09,760 --> 00:02:13,280 Speaker 1: That's a plus, in line with guidance. The groom warned 41 00:02:13,280 --> 00:02:17,480 Speaker 1: that next year's earnings would also be disappointing. Like many 42 00:02:17,520 --> 00:02:20,720 Speaker 1: other property groups, Dexas has been transforming, trying to diversify 43 00:02:20,760 --> 00:02:24,080 Speaker 1: its asset base, pushing to student housing, healthcare and infrastructure. 44 00:02:24,360 --> 00:02:27,520 Speaker 1: It's also boosted its funds management business, with co investment 45 00:02:27,560 --> 00:02:30,520 Speaker 1: with partners a key strategy. For example, Dexas is co 46 00:02:30,600 --> 00:02:34,560 Speaker 1: investing with Lassian for the technology group's new headquarters in Sydney. 47 00:02:35,120 --> 00:02:39,200 Speaker 1: Story number four. Medical glove and protective surgical suits maker 48 00:02:39,280 --> 00:02:43,519 Speaker 1: Antsel COVID nineteen favorite among investors, has cut almost ten 49 00:02:43,520 --> 00:02:46,360 Speaker 1: percent of its global workforce as many of its factories 50 00:02:46,360 --> 00:02:49,919 Speaker 1: step up the use of automation. Chief executive Neil Salmon 51 00:02:50,320 --> 00:02:52,480 Speaker 1: said there had been some cuts from each one of 52 00:02:52,520 --> 00:02:55,120 Speaker 1: its fourteen factories, and there was more cost cutting to 53 00:02:55,160 --> 00:02:58,240 Speaker 1: come beyond the thirteen hundred and thirty people who have 54 00:02:58,360 --> 00:03:02,440 Speaker 1: already been made redundant. The reductions are ninety percent complete, 55 00:03:02,480 --> 00:03:05,400 Speaker 1: mister Salmon told the Australian Financial Review shares an Ansel 56 00:03:05,440 --> 00:03:08,120 Speaker 1: climbed at nine percent today, though it's more than twenty 57 00:03:08,160 --> 00:03:11,200 Speaker 1: five percent below its peak of the pandemic. Mister Salmon 58 00:03:11,240 --> 00:03:13,520 Speaker 1: also outlined that a glut of medical gloves and other 59 00:03:13,560 --> 00:03:17,200 Speaker 1: ppe that occurred in the COVID nineteen pandemic had all 60 00:03:17,639 --> 00:03:20,480 Speaker 1: been whittled away except in small pockets of the market. 61 00:03:20,720 --> 00:03:22,880 Speaker 1: Mister Salmon said the job shedding, in part was a 62 00:03:22,880 --> 00:03:25,480 Speaker 1: result for the company playing catch up and bringing more 63 00:03:25,520 --> 00:03:29,600 Speaker 1: automation and robotics into its factory, and story number five 64 00:03:29,639 --> 00:03:31,800 Speaker 1: an interesting one. Coal money. Yan Cole is cashed up 65 00:03:31,840 --> 00:03:34,560 Speaker 1: and ready to buy assets such as Anglo Americans, Queensland 66 00:03:34,600 --> 00:03:37,280 Speaker 1: cold mines. Now. The group made a half year profit 67 00:03:37,320 --> 00:03:39,960 Speaker 1: of four hundred and twenty million dollars and announced that today, 68 00:03:40,360 --> 00:03:42,760 Speaker 1: but rather than pay out a dividend as per usual, 69 00:03:43,080 --> 00:03:45,600 Speaker 1: the board decided to hold onto the money, lifting the 70 00:03:45,600 --> 00:03:48,880 Speaker 1: group's cash balance to one point five to five billion 71 00:03:48,920 --> 00:03:51,720 Speaker 1: dollars with no debt. The board made it clear it 72 00:03:51,840 --> 00:03:55,720 Speaker 1: is looking for high quality acquisition opportunities and alongside the 73 00:03:55,800 --> 00:03:58,040 Speaker 1: lack of dividend, is the main reason the yan Call's 74 00:03:58,040 --> 00:04:01,720 Speaker 1: share price tumbel fifteen percent today. En Cole's constitution says 75 00:04:01,720 --> 00:04:04,480 Speaker 1: that fifty percent of net profit must be returned to 76 00:04:04,520 --> 00:04:07,720 Speaker 1: shareholders as dividends every year, but the directors have the 77 00:04:07,800 --> 00:04:10,440 Speaker 1: right to rescind the dividend if they feel the company's 78 00:04:10,440 --> 00:04:14,160 Speaker 1: financial position no longer justifies it. Ian Cole chief executive 79 00:04:14,280 --> 00:04:17,120 Speaker 1: David Molt has previously said he wants to buy assets, 80 00:04:17,160 --> 00:04:19,960 Speaker 1: particularly high quality coc and coal mines for steel making 81 00:04:20,279 --> 00:04:23,560 Speaker 1: in Queensland. As it for the Afternoon Report for Tuesday, 82 00:04:23,600 --> 00:04:25,960 Speaker 1: the twentieth of August twenty twenty four, Michael Thompson and 83 00:04:26,000 --> 00:04:28,160 Speaker 1: I will be back tomorrow morning with the Wednesday edition 84 00:04:28,200 --> 00:04:31,560 Speaker 1: of Fear and Greed Business News. I'm Sean Elma. Enjoy 85 00:04:31,560 --> 00:04:32,040 Speaker 1: your evening.