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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Thursday, the sixth of November. I'm Michael Thompson, and

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Speaker 1: every afternoon we bring you the five stories that happened

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Speaker 1: today that you need to know about. Let's go with

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Speaker 1: story number one. The S and p ASX two hundred

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Speaker 1: closed zero point three percent higher today to eight hundred

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Speaker 1: and twenty eight points. Six of the eleven sectors on

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Speaker 1: the BOSS gained ground, led today by the miners. Gold

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Speaker 1: miners had a cracker of a day after investors jumped

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Speaker 1: back into the precious metal. The gold price is currently

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Speaker 1: sitting just a touch under four thousand US dollars an ounce.

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Speaker 1: Both Newmont and Northern Star climbed almost three percent, Evolution

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Speaker 1: almost four percent, Romelius Resources up five point six percent.

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Speaker 1: The iron ore giants all climbed, even though the price

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Speaker 1: of iron ore actually fell for a sixth day in

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Speaker 1: a row. It was a bit of a mixed day

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Speaker 1: for the banks, though National Australia Banks share price slumped

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Speaker 1: three point three percent after reporting weaker than expected full

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Speaker 1: year earnings of seven point h nine billion dollars. We

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Speaker 1: will have more on this one in Fear and greed

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Speaker 1: tomorrow morning, including an interview with NAB CEO Andrew Irvine

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Speaker 1: in the main fear and greed feed Westpac lost ground

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Speaker 1: as well today, down one point two percent, while Comwealth

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Speaker 1: Bank was up one point three percent. One more company

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Speaker 1: to mention and that is James Hardy. The worst on

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Speaker 1: the burs today it was almost thirteen percent down after

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Speaker 1: a very tumultuous day that saw an even bigger plunge

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Speaker 1: early on before the company went into a trading halt.

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Speaker 1: The building materials company says that the sell off was

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Speaker 1: due to index changes. It resumed trading still thirteen percent

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Speaker 1: down for the day. Not a great day. Onto story

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Speaker 1: number two, and there is plenty of corporate news around.

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Speaker 1: Revel's share price jumped after the appliance make of reassured

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Speaker 1: investors about trading conditions. It said it will have moved

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Speaker 1: almost all of its production bound for the US out

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Speaker 1: of China by the end of the year. Packaging group

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Speaker 1: Amcor's share price jumped about five percent after reporting better

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Speaker 1: than expected September quarter earnings. Tabcorp fell as the gambling

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Speaker 1: business revealed that the country's third largest superannuation fund, Aware Super,

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Speaker 1: ceased to be a substantial shareholder On November three, and

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Speaker 1: in what's likely to be seven West Media's final annual meeting,

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Speaker 1: the group has been hit with a strike against its

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Speaker 1: remuneration report, a shareholders express frustration at no dividends for years,

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Speaker 1: and a declining share price. The group is set to

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Speaker 1: be taken over by Southern Cross Media. Story number three

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Speaker 1: Quantus chair John Mullen says he intends to reduce his

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Speaker 1: board commitments, prompting speculation that he could step down from

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Speaker 1: Treasury Wine Estates, which is one of three major ASX

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Speaker 1: listed companies that he chairs. Mullen, who also chairs Brambles

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Speaker 1: and sits on the board of Brookfield Infrastructure, told vesss

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Speaker 1: that he's been working to scale back his workload, but

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Speaker 1: it's quote taking longer than expected. He's faced pressure from

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Speaker 1: governance advisors, who argue that holding three public company chairmanships

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Speaker 1: as too many. It may well come up tomorrow when

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Speaker 1: Quantus holds its AGM, although much of the focus will

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Speaker 1: be on executive remuneration after a major cyber attack this year.

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Speaker 1: Story number four. Bank bosses across the country have been

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Speaker 1: told to check their work from home rules after Westpac

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Speaker 1: lost a landmark case over its policy requiring staff to

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Speaker 1: be in the office two days a week. The finance

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Speaker 1: sector union has today written to major banks warning they

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Speaker 1: could be breaking the law if they reject flexible work

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Speaker 1: requests without proper consultation. The Fair Work Commission found Westpac

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Speaker 1: had breached the Fair Work Act when it denied a

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Speaker 1: long serving employee's request to work remotely to help with

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Speaker 1: school drop offs, saying the bank failed to justify its decision.

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Speaker 1: Westpac CEO Anthony Miller says he still believes two days

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Speaker 1: a week in the office is the right policy, arguing

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Speaker 1: that it helps collaboration and fairness for branch staff. But

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Speaker 1: the union says the ruling sets an important precedent and

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Speaker 1: shows that banks can't quote hide behind buzzwords like collaboration

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Speaker 1: or culture to deny flexible work arrangements. And finally, story

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Speaker 1: number five an update on a story we talked about yesterday.

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Speaker 1: Federal air crash investigators are combing through maintenance logs for

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Speaker 1: a UPS cargo plane after finding one of the aircraft's

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Speaker 1: engines fell off during takeoff. At least twelve people have

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Speaker 1: died now in the crash in Louisville in Kentucky. Early

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Speaker 1: findings show the left wing caught fire as the MD

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Speaker 1: eleven rolled down the runway with one engine detaching, the

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Speaker 1: aircraft still took off before crashing into nearby businesses and exploding.

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Speaker 1: Nearly twenty people were injured, several remained missing. The UPS

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Speaker 1: Worldport Hub, which is the company's largest global distribution center,

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Speaker 1: remains shut down. That is it for the afternoon report

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Speaker 1: for Thursday, the sixth of November. Make sure you hit

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Speaker 1: follow on the podcast and head along the Fear and

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Speaker 1: Greed dot Com. Today you and sign up for our

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Speaker 1: free daily newsletter. I'm Michael Thompson. Enjoy your evening.