Afternoon Report | ASX up for the week

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. Woollies surges

2. Final day of Parliament

3. Star’s clean prospectus

4. RBA surcharges

5. Death toll rises in HK

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Friday, the twenty eighth of November twenty twenty five.
I'm Sean Alma. Every afternoon we bring you the five
big stories that happened today that you need to know about.
Story number one. The local share market finished the day
down just three points we can say flat really, to
eighty six hundred and fourteen points. For the week, the
market was one point four percent higher. It was pretty

(00:24):
quiet really with the Thanksgiving holiday in the US. Overnight.
The banks were all lower. The big miners were mixed,
as were the retailers. Trading in Woolies had its best
day in three months, with the supermarket Giant finishing up
more than three percent after an investment bank analyst upgraded
his forecast for the business. Weiss tech Global had another

(00:44):
good day, jumping six percent thanks to a rise in
tech stocks on Wall Street and some board renewal the
software group this week, its share price is up twelve
percent since Monday. On the flip side, Sun Corp fell
three percent after it said bad weather in southeast Queensland
and northern New South Wales will cost it three hundred
and fifty million dollars, Sorry number two. It was the
final day of Parliament today. A few pieces of legislation passed,

(01:07):
including Labour's environmental laws, the first real change to the
environmental legislation rules since John Howard's reign. Pretty much that's
it for twenty twenty five now. Before leaving the building,
the Polly's officially listed the Islamic Revolutionary Guard Corps as
a state sponsor of terrorism, a move criticized by Iran

(01:28):
Home Affairs Minister Tony Burke. Mish wished everyone a merry
Christmas and moved to Parliament be adjourned until Tuesday, February three,
twenty twenty six. They are all happy to do that.
Earlier in the day, Prime Minister Anthony albaniz He had
walked to Parliament House No daubt happy with the year's efforts.
Apart from the environmental legislation, legislation that passed Parliament this

(01:49):
year includes changes to rules governing the environment, aged care,
tax rates, superannuation and hate laws. Sorry number three. The
Star Entertainment Group has issued what's known as a cleansing
prospectus to our recently issued shares to trade freely on
the market. The move covers shares issued to two major
investors Valies and investment holdings after their convertible notes were

(02:09):
turned into equity, as well as incentive shares granted to
senior executives. Stars share price jumped nearly ten percent today.
Story number four. The Reserve Bank of Australia might water
down its controversial proposal to impose the ban on credit
card surcharge fees, which drew a big backlash from business.
The regulator is also taking steps to appease the big
banks concerns about interchange fees, according to report in the

(02:32):
Finn Review. According to minutes released by the RBA's Payments
System Board meeting, the regulator is considering the relative merits
of the various options on payment card surcharging. That's opened
the door just a little bit. Search Charges on debit
and credit card payments imposed by businesses have drawn public
iyre prompting the federal government to ban debit payment surcharges

(02:52):
from next year. However, according to the Finn, the MBA
is now considering allowing surcharging to continue on some credit cards. Finally,
Story number five, the death poll in one of Hong
Kong's deadliest blazers in modern times has risen to at
least ninety four and hundreds are still missing. More than
seventy people have been injured, including eleven firefighters. Rescuers continued

(03:15):
the search for survivors this morning, going from apartment to
apartment at the Charred Towers in a northern district of
the city. Firefighters were still trying to enter all of
the units in these seven burnt towers to check for casualties.
That's it for the afternoon report for Friday, the twenty
eighth of November twenty twenty five. Make sure you follow
on the podcast and head along to Fearangreed dot com today.

(03:35):
You to sign up for our free daily newsletter. I'm
Sean Almer. Enjoy your reading.