Afternoon Report | Market down for the week

Published Aug 9, 2024, 7:06 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. ASX200 finishes week on a high

  2. Change in AUKUS deal

  3. News profit delivers

  4. QBE shares fall

  5. Retailers struggle

Welcome to the Fear and Greed Business News Afternoon Report for Friday, the ninth of August twenty twenty four. I'm suan Aelma. Every afternoon, we've got the five stories that happened today that you need to know about. Straightum one, there's some PAX two hundred jumped one and a quarter percent today to close it seven thousand, seven hundred and seventy eight points. In fact, it was seven thousand, seven hundred and seventy seven point seven points to be exact. It filed a strong lead in from what Wall Street overnight. The rally in the US reflected data that alleviated fears about the world's biggest economy falling into recession. Gold, oil, and bitcoin all rallied as well for the week. The ASX two hundred finished down two percent after the big drop on Monday. Among the large caps today, higher iron ore prices helped the big miners, with RIOBHP and fortes Q medals all that performing. Goodman Group was another strong stock, alongside with Woodside Energy and Weis Tech Global. West Farmers was one of the worst of the large caps. In corporate news, Life three sixty shares jumped by as much as twenty percent to a record high after a twenty percent rise in revenue. The US based tracking company so a twenty five percent year on year rise in subscription revenue, adding one hundred and thirty two thousand more paying customers. Now the company has about two point four million active users in Australia. That's different to paying subscribers Mine Do It's got more than seventy million users globally. White having cole It was out saying the High Court had rejected a Green Group appeal for special leave about two of its mining projects. The legal challenges have been going on since twenty twenty two and led to plenty of delays in some of its coal mines. Story number two. Australia will be able to accept nuclear material from the US and UK as part of an updated Orchestra agreement. The update was signed off during Osman meetings in the United States this week. Osmond, of course, is the annual talks between Australian and American Defense and foreign ministers, and the agreement Australia will be allowed to take in nuclear material for the procurement of nuclear submarines. The terms of the original deal in March twenty twenty three only allowed the exchange of information about new clear propulsion. Defense Minister Richard Miles said the new arrangements provide the legal underpinning of what was agreed with the US and UK under the Aucus beenner. He said the agreement signed did not mean other UCUT partners would be able to use Australia to store its own nuclear waste. As part of the Orchis agreement, Australia will acquire three Virginia class vessels from the US before Australian built nuclear submarines begin operating. Story number three. News Court reported an eight percent jump in profits to one and a half billion dollars off revenue of just over ten billion dollars for the last financial year. Earnings from its majority stake and online property group area was a highlight. Its book publishing arm half of Collins also did well, as did dal Jones. That's the publishing business which includes the Wall Street Journal, The Week parts of the business, including the news media segment that's its operations or part of its operations here in Australia, and lower revenues at its US online property company. Chief executive Robert Thompson said last financial year delivered robust earnings and included significant steps to prepare the company to prosper in an artificial intelligence world. Meanwhile, Ria share price jump more than six percent of following a twenty percent rise in underlying profit. News Corps share was also up nearly seven percent. Story at number four. QBE Insurance's share price fell more than two percent today after doubling its net profit in the first half of this year to eight hundred and two million dollars. It was a great result compared to last year, but fell short of expectations, hence sell off. The result benefited from lower levels of natural catastrophe losses while still being able to push through premium increases. The good news for week customers is that insurance premium growth is expected to slow on the back of increased competition and fewer natural disasters. Qbe writes two thirds of its business outside Australium. It also said it had done a deal to offload its long tail of claims in North America. Chief executive Andrew Horton said the insurer was facing more competition in its global business, with a recovery in Australian insurance markets also tempting global insurers back into the local market and story number five retailer Nick Scaley has recorded a near twenty percent drop in full year profit and reduced dividends as shoppers hold back from buying big ticket items. The furniture retailer is always one of the first consumer discretionary stocks to report, and based on a sample of one, things in consumer land ain't so good. That's, of course, due to high interest rates and cost of living pressures. Mixcally said shoppers had delayed buying big ticket items like furniture, and the group reported an eight percent drop in revenue across its one hundred and twenty eight stores in Australia and the United Kingdom. It also warned that trading in the UK, where it owns fab Furniture, is expected to deteriorate. Its share price finished down two percent. That's it for the afternoon report for Friday, the ninth of August twenty twenty four. Guest Judge Jen Duke, Michael Thompson and I will be back tomorrow morning with a weekend edition off Fear and Greed business News. I'm Sean Elmer. Enjoy your evening,