Michael Thompson

on the bourse so far this year with only the technology index doing worse.

So far this year, the ASX small ordinaries index is down 7% while the index of top 20 companies is up 6%.

The buffeting of global markets from the war in the Middle East and the spike in energy costs has really hit

smaller stocks hardest and investors have looked for perceived kind of safer assets.

That comes on the back of what was actually a strong 2025 for the small cap sector.

Materials, financials and industrials make up what, half the index, would you say?

Now, is it mostly about the Middle East and the spike in oil prices, or did it kind of start even before that?

Did some of their share prices come off when interest rates started to rise?

Sean, normally I would mention our Q&A interview later in the show, but you actually just mentioned the company that it relates to.

So I'll toss in a mention now.

Telstra, today you're speaking with CEO Vicky Brady, who we caught up with at the Microsoft AI tour last week.

It's a great chat, this one.

And then I've drawn attention to it.

The thing I liked about this was that it was just a really honest conversation as well, because it's about what has worked for Telstra, which is one of the kind of early adopters of AI, but also what didn't work as well and what the lessons are that they've learned along the way.

So Vicky Brady coming up

after the show.

So stick around for that one.

Sean, IFM Investors has made a near $7 billion bid, $6.9 billion to be exact, for Atlas Arteria.

But the Toll Road Group's board appears...

I suppose, less than excited about the offer.