1 00:00:03,720 --> 00:00:06,400 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,440 --> 00:00:09,240 Speaker 1: for Tuesday, the sixteenth of July twenty twenty four. I'm 3 00:00:09,240 --> 00:00:11,680 Speaker 1: Suan Almam. Every afternoon, we've got the five stories that 4 00:00:11,720 --> 00:00:14,360 Speaker 1: happen today that you need to know about. Stroy Number one. 5 00:00:14,440 --> 00:00:17,439 Speaker 1: The S and PAX two hundred closed down zero point 6 00:00:17,480 --> 00:00:21,000 Speaker 1: two percent today, finishing at seven thousand, nine hundred and 7 00:00:21,079 --> 00:00:25,239 Speaker 1: ninety nine points after yesterday's record setting session. There were 8 00:00:25,239 --> 00:00:29,440 Speaker 1: decent falls among the materials, utilities, tech, and consumer discretionary stocks, 9 00:00:29,440 --> 00:00:32,720 Speaker 1: while the property sector outperformed. Aristocrat Leisure was the biggest 10 00:00:32,800 --> 00:00:35,560 Speaker 1: lag yard of the large caps, down nearly three percent, 11 00:00:35,600 --> 00:00:38,080 Speaker 1: while BHP was off one and a half percent. That 12 00:00:38,240 --> 00:00:40,800 Speaker 1: meant the Commonwealth Bank is again the largest stock on 13 00:00:40,840 --> 00:00:43,840 Speaker 1: the AX, notwithstanding it fell zero point four percent today. 14 00:00:44,240 --> 00:00:46,480 Speaker 1: Best in the large caps was Goodman Group. It jumped 15 00:00:46,520 --> 00:00:49,320 Speaker 1: nearly two percent. In corporate news, wealth management platform Hub 16 00:00:49,360 --> 00:00:52,839 Speaker 1: twenty fours share price closed flat after announcing stronger than 17 00:00:52,840 --> 00:00:56,600 Speaker 1: expected inflows. Its share price isn't far off double what 18 00:00:56,640 --> 00:00:59,920 Speaker 1: it was about twelve months ago. In critical minerals, producer 19 00:01:00,040 --> 00:01:03,880 Speaker 1: Igo will write down the value of its exploration portfolio 20 00:01:03,960 --> 00:01:06,240 Speaker 1: by up to two hundred and seventy five million dollars 21 00:01:06,440 --> 00:01:09,000 Speaker 1: in relation to its nickel assets. That sent its share 22 00:01:09,000 --> 00:01:12,560 Speaker 1: price down one percent today. Story number two. It was 23 00:01:12,600 --> 00:01:15,560 Speaker 1: a wild day for Drone Shield, the group that provides 24 00:01:15,680 --> 00:01:19,640 Speaker 1: counter drone defense solutions. Its share price hit a record 25 00:01:19,720 --> 00:01:24,120 Speaker 1: high on opening and then slumped thirty percent before recouping 26 00:01:24,160 --> 00:01:26,600 Speaker 1: some of the losses and ending down twenty four percent. 27 00:01:27,160 --> 00:01:30,319 Speaker 1: There was no new news about the company today, although 28 00:01:30,400 --> 00:01:34,000 Speaker 1: some analysts have come out doubting its valuation in recent days. 29 00:01:34,319 --> 00:01:38,160 Speaker 1: Probably not a surprise. Drone Shield's share price was thirty 30 00:01:38,160 --> 00:01:40,680 Speaker 1: eight cents at the beginning of the year. It got 31 00:01:40,680 --> 00:01:43,440 Speaker 1: to its peak yesterday morning of two dollars seventy one, 32 00:01:44,040 --> 00:01:47,800 Speaker 1: and finally closed at a dollar ninety eight. Quite the ride. 33 00:01:48,040 --> 00:01:51,720 Speaker 1: Story number three. US Federal Reserve Chair Jerown Powell overnight 34 00:01:51,800 --> 00:01:55,720 Speaker 1: said that second quarter data bolstered confidence that inflation is 35 00:01:55,800 --> 00:01:59,520 Speaker 1: cooling and that helped equity markets. Apple continues to run, 36 00:01:59,800 --> 00:02:02,600 Speaker 1: now worth three point five to nine trillion US dollars, 37 00:02:02,840 --> 00:02:06,720 Speaker 1: oarls relatively flat, Cold is creeping higher, fetching nearly twenty 38 00:02:06,880 --> 00:02:09,560 Speaker 1: four hundred and thirty US dollars an hours, and Bitcoin 39 00:02:09,680 --> 00:02:12,320 Speaker 1: is worth more than sixty four thousand US dollars a unit. 40 00:02:12,480 --> 00:02:14,400 Speaker 1: The Aussie dollar has come back a bit. It's buying 41 00:02:14,440 --> 00:02:18,160 Speaker 1: sixty seven point three US scents And finally, I must 42 00:02:18,200 --> 00:02:20,640 Speaker 1: mention black Rock. In the last quarter, the US based 43 00:02:20,680 --> 00:02:24,200 Speaker 1: wealth manager attracted fifty one billion US dollars to its 44 00:02:24,240 --> 00:02:28,519 Speaker 1: long term investment funds. It means the world's largest money manager, 45 00:02:28,600 --> 00:02:33,359 Speaker 1: Blackrock now has ten point six trillion dollars of assets 46 00:02:33,440 --> 00:02:36,400 Speaker 1: under management. Not bad story number four. The boss of 47 00:02:36,440 --> 00:02:40,279 Speaker 1: the Australian energy market operator, Daniel Westerman, says the opposition's 48 00:02:40,280 --> 00:02:43,480 Speaker 1: planned to build seven nuclear reactors would take too long 49 00:02:43,560 --> 00:02:47,040 Speaker 1: to replace aging coal generators. Mister Westerman, speaking at a 50 00:02:47,040 --> 00:02:50,560 Speaker 1: clean energy summit, also said gas is the ultimate backstop 51 00:02:50,639 --> 00:02:53,520 Speaker 1: during the transition to renewables. He said the imperative to 52 00:02:53,600 --> 00:02:58,440 Speaker 1: replace retiring coal stations is with us now and even 53 00:02:58,440 --> 00:03:01,800 Speaker 1: on the most optimistic outlook, nuclear power won't be ready 54 00:03:01,800 --> 00:03:05,640 Speaker 1: in time. Under Opposition leader Petter Dutton's plans if he 55 00:03:05,680 --> 00:03:08,720 Speaker 1: wins the next election, he'd build five at large nuclear 56 00:03:08,760 --> 00:03:10,799 Speaker 1: plants and two smaller ones, with the first to come 57 00:03:10,800 --> 00:03:15,560 Speaker 1: online somewhere about twenty thirty five or so. They'd be 58 00:03:15,560 --> 00:03:18,080 Speaker 1: built on the sites of the current coal fire power 59 00:03:18,080 --> 00:03:20,320 Speaker 1: stations now. At the moment, coal accounts from more than 60 00:03:20,360 --> 00:03:23,960 Speaker 1: fifty percent of power generation in the national electricity market. 61 00:03:24,280 --> 00:03:27,480 Speaker 1: Gas accounts for just five Nuclear won't be up and 62 00:03:27,520 --> 00:03:30,640 Speaker 1: running in time, mister Westerman said, Hence we're going to 63 00:03:30,639 --> 00:03:33,480 Speaker 1: have to rely on gas. And story number five. Oil 64 00:03:33,600 --> 00:03:36,720 Speaker 1: exploration is not dead, with x On Mobile planning to 65 00:03:36,800 --> 00:03:39,560 Speaker 1: drill up to thirty wells as part of its seventh 66 00:03:39,600 --> 00:03:43,560 Speaker 1: oil project in Guiana. A project which is pending government approval, 67 00:03:43,560 --> 00:03:46,160 Speaker 1: would start production in twenty twenty nine, lifting the country's 68 00:03:46,160 --> 00:03:48,840 Speaker 1: capacity to more than one point four million barrels of 69 00:03:48,840 --> 00:03:52,360 Speaker 1: oil per day. According to Roots, the Hammerhead project will 70 00:03:52,400 --> 00:03:54,880 Speaker 1: pump as much as one hundred and eighty thousand barrels 71 00:03:54,880 --> 00:03:57,760 Speaker 1: a day as soon as twenty twenty nine. Guiana is 72 00:03:57,760 --> 00:04:00,720 Speaker 1: a growing oil resource, with outputs did a jump two 73 00:04:00,760 --> 00:04:03,320 Speaker 1: hundred and fifty percent over the next five years or so. 74 00:04:03,800 --> 00:04:07,320 Speaker 1: It highlights that oil drilling is alive and well. In fact, 75 00:04:07,400 --> 00:04:09,880 Speaker 1: it's increasing in the US lane. The number of worlds 76 00:04:09,960 --> 00:04:14,120 Speaker 1: drilled has been trending higher since twenty sixteen. That's it 77 00:04:14,160 --> 00:04:16,640 Speaker 1: for the Afternoon Report for Tuesday, the sixteenth of July 78 00:04:16,760 --> 00:04:18,880 Speaker 1: twenty twenty four Julian King and I will be back 79 00:04:18,880 --> 00:04:21,320 Speaker 1: tomorrow morning with a Wednesday edition of Fear and Greed 80 00:04:21,400 --> 00:04:24,520 Speaker 1: Business News. I'm Sean Elma. Enjoy your evening.