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

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Speaker 1: for Thursday, the twentieth of June twenty twenty four. I'm

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Speaker 1: Sean Alma. Every afternoon, We've got five stories that happened

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Speaker 1: today that you need to know about. Story number one.

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Speaker 1: There and PASX two hundred closed down zero point three

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Speaker 1: percent today to seven seven hundred and sixty nine points,

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Speaker 1: dragged lower by healthcare and textocks. The property sector did best.

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Speaker 1: Once again, it wasn't a particularly busy day. Apart from

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Speaker 1: the Guzman E. Gomez float. The fast food chain listed

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Speaker 1: today and by the end of its first session, its

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Speaker 1: share price was up thirty percent. Among the large caps,

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Speaker 1: Transurban Coal CSL and a Quarry Group were among the

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Speaker 1: worst performers. Aristocrat Leisure, Sun corpor and Comwealth Bank were

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Speaker 1: some of the best. There were some good news for

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Speaker 1: Telstra's one point three million shareholders. The telco share price

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Speaker 1: hit a four week high, though it is still down

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Speaker 1: about eleven percent since early February. In corporate news, the

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Speaker 1: price of Drone Shield shares hit a year record. They

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Speaker 1: are up five hundred and seventy five percent over the

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Speaker 1: past year. Came after it said it one a contract

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Speaker 1: to supply counter drone hardware to a Swiss customer. Best

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Speaker 1: performer on the AX today was mortgage broker Helia. That

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Speaker 1: pretty much reversed most of yesterday's decline. Now today it

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Speaker 1: came out and flagged a potential lending deal with Commwealth

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Speaker 1: Bank investors. Like that one, it was up sixteen percent.

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Speaker 1: Story number two there was a more fallout part in

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Speaker 1: the pun in the nuclear debate today. Opposition leader Peter

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Speaker 1: Dutton's announcement yesterday I have seven sites to build nuclear

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Speaker 1: power generators by twenty fifty has certainly grabbed the headlines,

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Speaker 1: but the consensus view seems to be that what's being

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Speaker 1: proposed can't be done. Prime Minister Anthony Albernezi called the

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Speaker 1: nuclear policy a fantasy act. Independent Senator David Pocock said

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Speaker 1: the policy was reckless and unrealistic. Tasmanian Senator Jackie Lamby

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Speaker 1: said nuclear energy should be in the mix, but she

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Speaker 1: hasn't yet formed a clear view on the coalition's policy.

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Speaker 1: For his part, Opposition Leader Peter Dutton warned Australian is

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Speaker 1: not to be taken in by Labour scare campaign on

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Speaker 1: nuclear power and two reactors could plausibly be off the

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Speaker 1: ground by twenty thirty five. Story number three. There's a

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Speaker 1: bit going on in the commercial property sector, with two

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Speaker 1: big players, Mervak and Dexas writing down the value of buildings.

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Speaker 1: The value of many commercial buildings has fallen post COVID

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Speaker 1: because work from home is coal demand for office space.

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Speaker 1: Owners have held onto the buildings, not wanting to sell

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Speaker 1: in a down market with deal flow negligible in the

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Speaker 1: past eighteen months or so, but ultimately owners have to

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Speaker 1: revalue and sometimes they have to sell. Yesterday, dex has

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Speaker 1: said it would lower the valuations of its office properties

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Speaker 1: by eleven percent in financial twenty twenty four, and Mervak

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Speaker 1: is set to sell a thirty four story office tower

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Speaker 1: in Melbourne, CBD and an eleven story building in North

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Speaker 1: Sydney for it combined twenty percent discount to their peak values.

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Speaker 1: Story number four. Mineral Resources is shutting down its high

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Speaker 1: cost iron ore mines in the Yilgana region of Western Australia,

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Speaker 1: affecting one thousand workers. The group said it will try

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Speaker 1: and redeploy as many workers as possible in its other

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Speaker 1: iron ore and lithium minds in Australia. Mineral Resources made

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Speaker 1: the decision to focus on its more promising iron ore sites,

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Speaker 1: including the Pilbra, where last month it loaded its maiden

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Speaker 1: shipment bound for China. Over the past week, the group's

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Speaker 1: also agreed to purchase iron or assets in the Pilbra

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Speaker 1: from BCI Minerals, and the company said that the decision

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Speaker 1: to close the Yulgana mine had been influenced by combination

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Speaker 1: of factors, including the limited remaining life of the five

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Speaker 1: operating minds spread over two hundred and twenty kilometers, and

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Speaker 1: this significant capital cost and lead time required to develop

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Speaker 1: new resources to ensure continuity of supply and story number five.

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Speaker 1: There were some good news out of the United Kingdom,

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Speaker 1: with inflation hitting the Bank of England's two percent target

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Speaker 1: last month. Means headline inflation in the UK is now

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Speaker 1: below the Eurozone, in the US and Australia, but services

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Speaker 1: inflation remains higher than expected. I think I've heard that

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Speaker 1: story before. It's good news for a Prime Minister, Rishi Sunak,

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Speaker 1: who is struggling to turn around his wayward election campaign.

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Speaker 1: A poll on The Telegraph this week predicts that mister

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Speaker 1: Sunak could become the first sitting PM to lose their

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Speaker 1: seat at a general election. Its forecasting Labor could win

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Speaker 1: five hundred and sixteen seats in the Parliament compared to

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Speaker 1: the Conservatives fifty three. Five hundred and sixteen to fifty three.

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Speaker 1: That would be a shellacking. That's it for the Afternoon

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Speaker 1: Report for Thursday, the twentieth of June twenty twenty four.

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Speaker 1: Don't forget to follow on the podcast and find Fear

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Speaker 1: and Greed on LinkedIn, Instagram, x TikTok and Facebook. Join

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Speaker 1: Michael Thompson and I Tomorrow, I'm wanting for the Fast

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Speaker 1: five by Fear and Greed, the top five business stories

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Speaker 1: you need to know in just five minutes. I'm Sean Elmer.

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Speaker 1: Enjoy your evening.