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Welcome to the Fear and Greed Business News afternoon

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report for Tuesday 23 April 2024. I'm

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Sean Aylmer. Every afternoon, we've got the five stories

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that happen today that you need to know about.

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Story number one, the S&P ISX200 closed up half

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percent today to 7684 points, with tech stocks

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performing best followed by healthcare and

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financials. The worst performing sub-index was

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the energy sector. While the

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big banks did well with Commonwealth Bank, National

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Australia Bank and Westpac all up by more

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than one percent, big miners tended to underperform,

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as did West farmers. CSL, Macquarie

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Group and Goodman Group did well. There

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were strong performers from a range of

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sectors. In fact, the top four stocks

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were as Mineral Sands Group Iluka, TabCorp,

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Ramsey Health and Flight Center. That

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is an eclectic punch. Gold miner

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Northern Star fell four percent following mixed results

0:52

in its third quarter production results, as well

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as a more general sell-off in gold stocks.

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Transport and logistics group Brambles provided

0:59

a trading update, and its

1:01

share price tumbled six percent. Clearly,

1:04

investors didn't like that one. Select

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half a share price tumbled 10 percent, even though it's

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set for a bumper 2024 almond crop.

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In fact, it will probably be one of the

1:13

biggest crops ever, alas, almond prices remain very soft

1:16

on the back of the boom. US

1:18

season. And finally, seven group holdings

1:20

has moved to more than 82 percent

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of Cement and Ashfeld Group Boral. Story

1:25

number two, Local Bond Fund First Centia

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is going to shut down its Aussie

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fixed income and global credit business, handing

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$13 billion back to investors.

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The fund, which was formerly part of

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Colonial First State Global Asset Management, was

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one of the biggest local bond funds

1:40

at one point. First Centia

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will also close down its emerging companies in

1:44

equity income strategies fund, handing back about a

1:47

billion dollars to investors. Essentially, the funds weren't

1:49

attracting enough clients and fees, so the manager

1:51

decided to shut them down and give the

1:53

money back. Story number

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three, US bond yields keep creeping

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higher, suggesting that traders are now

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contemplating the idea that rates in

2:01

the world's biggest economy could rise

2:04

again. In fact, traders have priced

2:06

in a 20% chance of an increase over

2:08

the next 12 months. At the beginning of

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the year, they had priced in 6 rate cuts.

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Now there's a chance of a

2:14

rate hike. It follows a run

2:16

of stronger than expected economic data

2:18

and science and inflation has stabilised

2:20

without falling back into the Federal

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Reserve's preferred target band. It's really

2:24

a pretty remarkable turnaround in sentiment.

2:27

Every number 4 superannuation funds were up

2:29

for the 5th consecutive month in March

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with the median growth fund delivering a

2:34

near 2% return. For

2:36

the first 3 months of the year, the median

2:38

return is almost 9%. That's what

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a surging share market can do. Superfunds are

2:43

on track to record a 13th positive year

2:45

out of 15 years. The

2:47

figures reflect the median growth fund.

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That's got 61-80% in growth assets.

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That's the good news. This month there's

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been a lot more volatility in markets. Shares

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haven't performed so well. Since the

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introduction of compulsory super in January 1992, the

3:01

median growth fund has returned 8% each year.

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The average annual inflation rate is 2.6%, giving a real

3:07

return of 5.4%. That's

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well above the typical 3.5% target. Superfunds

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have done pretty well in this country. Story

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number 5, Columbia University cancelled

3:18

in-person classes. Members

3:20

of protesters were arrested at New

3:22

York University and Yale. The

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gates to Harvard Yard were closed as some

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of the most prestigious US universities sought

3:29

to defuse campus tensions over Israel's

3:31

war with Hamas. More

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than 100 pro-Palestinian demonstrators who had

3:36

camped out on Columbia's Green were

3:38

arrested last week. Similar

3:40

camps have sprouted up at universities around

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the country as schools struggled with where

3:45

to draw the line between allowing

3:47

free expression while maintaining safe and

3:49

inclusive campuses. According to Associated

3:51

Press, the protests have pitted students against

3:54

each other, with Palestinian

3:56

Students demanding that their schools condemn Israel's

3:59

assault on Gaza. The Either and divest

4:01

from companies that sell weapons to Israel.

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Some Jewish students may well say much

4:05

of the criticism of Israel has been

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into anti semitism and made them feel

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unsafe. says. It's the afternoon report

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for to say the twenty third of

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April. Twenty Twenty Four Michael Thompson I

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will be back tomorrow morning with a

4:18

Wednesday edition of fearing Grade. Business is

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on snail month. Enjoy! Die.