Afternoon Report | Best rally in 3 weeks

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. ASX up 1.1pc

2. Star’s bid for cash

3. Wall Street bounce

4. IGO surges

5. Trump doesn’t want rematch

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News. The Afternoon
Report for Thursday, the twurth of September twenty twenty four.
I'm Sean Almer. Every afternoon, we've got the five stories
that happened today that you need to know about. Storing
Um one. The SMPA six two one hundred had a
great day. It closed up one point one percent to
eight thousand and seventy six points, the best session in
about three weeks. The index is now just seventy two

(00:24):
points off the all time high of eighty one hundred
and forty eight point seven points that was set back
in August. A rally in U S stocks helped things along,
while the miners set the pace locally, with uranium and
lithium players among the best. Rising Brent prices help the
oil and gas companies, while tech letter wise tech Global
hit a record high, jumping almost four percent today. The

(00:45):
banks were higher, led by Westpac ain Z and Commwell
Fakwell Goodman Group jump more than two percent. The retailers
in Telstra were among the underperformers, though even they did
pretty well. Story number two in corporate news media reports
suggests that Star Entertainment's lenders have offered to give the
gaming group an extra one hundred and fifty million dollars
to help it survive a cash crunch caused by cost

(01:06):
blowouts at its new Brisbane casino and a slowdown in
patrons visiting its gaming flows. Its shares were suspended today
now health insurer nib Rose after chief executive Mark Fitzgibbon
announced he'd step down in November after more than two
decades leading the company. Brick Works will take a one
hundred and twenty four million dollar expense this fiscal year

(01:26):
due to a severe deterioration in building activity in Sydney
and Brisbane, higher operating costs and a slowdown in the
US market. And Woodside Energy has been forced to temporarily
cease production at its shen Z Oil and Gas field
in the US Gulf of Mexico as Hurricane Francene tracks
through the area. Sorry number three plenty happening on Wall Street.
Chip maker Nvidia's share price jumped eight percent overnight after

(01:49):
CEO Jensen Huang said the company is struggling to meet
demand expectations. He said customers had no choice but to
embrace accelerated computing and as a result, they need Nvidia chips.
Staying in the AI space, open ai is in talks
to raise about six point five billion US dollars, according
to Bloomberg, at a company valuation of one hundred and

(02:09):
fifty billion US. Basically, it's become the world's most valuable
startup company. Founded in twenty fifteen, open ai has been
at the center of the technology industry's rapid shift towards AI,
kicking off an investing frenzy in twenty twenty two with
a debut of chat GPT. All the positive years helped
the tech heavy NASDAT close up two point two percent overnight,

(02:30):
while they broughder SMP five hundred finished more than one
percent higher. Otherwise, in global markets, oil is up at touch,
trading around seventy one a US dollars a barrel, goals
at twenty five hundred and seventeen US dollars an ounce,
and the Aussie dollar is buying almost sixty seven US cents.
Story number four Lithium and nickel minor Igo has promised
to continue to focus on battery minerals, even though prices

(02:53):
have fallen sharply, and it wants to add copper to
its list of products. Isio share price jumped seven percent. Today,
Chief executive Ivan Vella outlined the group's strategy to investors.
He expects extreme volatility in lithium prices for the next decade,
though he added Igo would have a lesser focus on
nickel that commodity has experienced huge supply growth out of Indonesia,

(03:15):
sending its price tumbling. Mister Vella wants to build a
copper division that is a mature industry and that will
provide Igo with a stable compliment to the volatility of
the lithium sector. According to the Boss, lithian prices are
less than ten percent what they were at the beginning
of the year and story number five. Donald Trump has
suggested he would not debate Carmla Harris again unless it

(03:36):
was on his own terms. After he lost yesterday's debate
on a points decision, Mister Trump criticized the ABC News
network that hosted the debate and insisted he had won,
even though most commentators, including conservatives, disagree. Mister Trump also
said that miss harris request for another debate proved that
she had lost because only the loser asks for a rematch.

(03:56):
Statpole suggests Miss Harris won the debate by wide margin.
Royds is reporting that Trump donors and advisors believe he
had lost the debate, while shares in his media company
film more than thirteen percent, and then the share price
of Trump Media and Technology Group tends to oscillate with
mister Trump's prospects of returning to office. That's it the
Afternoon Report for Thursday, the twelfth of September twenty twenty four.

(04:18):
Michael Thompson and I will be back tomorrow morning with
a Friday edition of Fear and Greed Business News. I'm
Seane Elmer. Enjoy your evening,