Afternoon Report | ASX falls

Published Nov 20, 2024, 6:19 AM

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. Telstra closes lower

  2. Rudd speaks

  3. Scali delays

  4. ASIC threat

  5. Hostage reward

Welcome to the Fear and Greed Business News Afternoon Report for Wednesday, the twentieth of November twenty twenty four. I'm sure n Aelma every afternoon, we've got the five stories that happened today that you need to know about. Stringham Why on the shehare market might have hit a new high yesterday, but it fell today. In fact, it dropped another zero point six percent to finish at eighty three hundred and twenty seven points. Telcos were among the hardest hit after Telstra dropped nearly two percent, while industrials and consumer discretionary stocks also fell. Among the large caps are Plenty that dropped more than one percent. Westpac, Woodside, Ria Group, Aristocrat, Leisure QB zero, Brambles Coals CSL was the best of the megacaps. It rose nearly one percent. Downer came out with an update at its annual general meeting. It disappointed and its share price dropped nearly one percent. Where the Travel Group was the post report today, but it delayed for seven days. No real reason for that one and wis Tech Global is under five for holding a virtual AGM on Friday. Means Richard White, the founder and CEO won't have to physically front shareholders. Hmm. Interesting that one. Story Number two. Australia's Ambassador to the United States, Kevin Rudd, has made his first public comments since the US election, saying he will work to deepen US engagement in the Indo Pacific, adding that American leadership remains indispensable. Now, this is the guy who was talking about Donald Trump, called him a traitor to the West, the most destructive president in history, a village idiot. You get the gist. Having said all that, Donald Trump has forgiven enemies previously. In fact, his vice president elect j D Vance was very anti Trump at some point. But it seems to have turned things around. Looks like Donald Trump loves a convert more than anything else, and that's what is sounding like. Miss Rud said the Albanezy government had done all the work and was ready to work with the new Trump administration. He said that the embassy in Washington has been working hard for this moment. He would try and sell Donald Trump on the benefits of the Orchest nuclear subdeal to American industry and jobs. He was speaking via video, so he couldn't actually answer any questions. That's a shame. Story Number three. Furniture retailer Nick Scarley said profits could be lower than estimated a month ago because one of its logistics partners has collapsed. Now about two hundred con containers full of sofas and dining sets are stranded, mostly at ports. The company's name is Line Global Forwarding. It collapsed. Basically what it does is ship furniture from China. NCK Scarly realized there were problems last month when they were asked to pay their bills early. The group obtained court orders for the shipping lines engaged Byline to release the company's containers. How About half are now delivered, but there's still a stack at ports. Nix Carly's share price was down two percent today. Story number four ask is threatening Superannuation Fund executives with penalties if they don't fix their customer service failings, and it's telling boards they're responsible for improved governance. Today, the Australian Financial Regulation Authority warned Sea Bus that it was still under investigation around governance after the super fund rubber stamped three new CFMEU linked directors to its board. Over the past week, we've had asset launch action against sea Bus alleging it delayed paying up to twenty million dollars in death and disability payments to people most in need. SeaBus is also under fire for making payments to the CFMEU, another giant of the industry. Hester will be forced to compensate more than one hundred and twenty thousand members who had their retirement savings stranded in unlisted property assets when valuations tumbled in the early days of COVID. The Superannuation watchdog APPRES says Hester's processes were inadequate. It is a sector under the spotlight at the moment and story number five. Israeli Prime Minister Benjamin nett Yahoo will pay five million US dollars to any Gaza resident who returns the hostage, plus ensure safe passage out of the wall ravaged territory. It's the latest twist and what's been an unsuccessful attempt to get the one hundred and one hostages home. Talks between Hamas and Israel to free the hostages have stalled after attempts to reach a ceasefire failed. Benjamin Netanya, who visited Gaza overnight, he said Hamas would not rule the Palestinian territory after the war ends. That's it for the afternoon report for Wednesday, the twentieth of November twenty twenty four. Michael Thompson and I will be back tomorrow morning, which the Thursday edition of Fear and Greed Business News. I'm chanelma enjoy your evening.