Afternoon Report | ASX, oil and gold

This is the Fear and Greed Afternoon Report - everything you need to know about what happened in the markets, economy and world of business today, in just a few minutes.

1. Slow day for ASX

2. OPEC boosts output

3. Star troubles

4. Northern decline

5. Lifestyle’s loss

Find out more: https://fearandgreed.com.au

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Monday, the seventh of July twenty twenty five. I'm sure, alma,
every afternoon, we've got the five stories that happened today
that you need to know about. Story number one. The
SMPA six two hundred finished down just touch today to
eight thousand, five hundred and eighty nine points. Utilities did
best in a relatively quiet day, while material stocks were worse.

(00:25):
Among the large caps, all the big banks were lower,
while West Farmers fell two percent and Woodside and Transurban
dropped one percent. CSL was the best performer, up more
than two percent. Story number two on global markets, Fuel
prices are set to fall after OPEC plus accelerated plans
to lift output, triggering fears of an oversupply. Now, it

(00:46):
depends on how you look at this as an oil supply.
You might not like the idea of an oil glut.
As a user, think we people have put petrol into
our cars. It's somewhat more attractive because it should put
downward pressure on prices. Over the weekend, d P plus
spent just ten minutes on a video call before agreeing
to up output. It comes as US President Donald Trump

(01:07):
calls for lower fuel costs. In the short term, analysts
say the market is tight and can absorb the increased production.
But when the northern winter kicks in and people aren't
driving their cars as much in the US, that's likely
to see a drop in demand and that could see
a sharp fallen prices. Story Number three Star Entertainment has
postponed any final decision on the sale of its stake

(01:30):
in Brisbane's new Queen's Warf casino and hotel complex until
the end of this month. But if the deal doesn't
go ahead then Star will have to pay thirty seven
million dollars. Now Choo Tayfouk Enterprises and Far East Consortium
each owned twenty five percent of the Brisbane precinct they
had planned to buy A Star's steak. Last week, they

(01:52):
threatened to walk away from the deal, which was struck
when the gaming group was desperate for cash. Today, Star
said investors have agreed to postpone a final call on
the deal until the end of this month. Now, if
a deal isn't reached, the Stars up for effectively a
poison pilled thirty six point five million dollars storing. Number
four Gold stocks were the big winners in the twenty

(02:13):
twenty five financial year, but the precarious nature of their
success was demonstrated today when market leader Northern Star said
output would be at the lower end of its forecast range,
sending its share price sharply lower. In fact, it was
the worst performing stock on the ASX two hundred, down
nine percent. Northern Style Autho outline plans to burst capital
expenditure expenditure to increase output. Meanwhile, Bellevue Gold reported strong

(02:38):
production rates and its share price jumped to two percent,
and Regius Resources, another gold digger, produced gold at the
top end of its guidance range, but its share price
finished two percent lower. Finally, story number five in corporate News,
Lifestyle Communities ended a trading halt this morning ahead of
an announcement in connection with proceedings currently before the Victorian
Civil and Administrative Tribunal. By the afternoon, the tribunal had

(03:02):
found that the group had been charging residents significant exit
fees without properly disclosing them, and they need to be scrapped.
Points Bet, which has operations in both Australia and Canada,
said that the Alcohol and Gaming Commission of Ontario has
approved the bookmaker's takeover by Japanese gaming giant Mixy, and
South thirty two rose after announcing it had entered into

(03:23):
an agreement to sell its Columbian nickel mine to a
global industrial conglomerate called Correx for one hundred and fifty
three million dollars. It follows a review into the nickel
market by South thirty two. That's it for the afternoon
Report for Monday, the seventh of July twenty twenty five.
Make sure you follow on the podcast. We will be
back tomorrow morning with a Tuesday edition. A Fear and
Greed Business Years a Chielma. Enjoy your evening