Afternoon Report | Albanese poll turn-around
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Welcome to Fear and Greed Business News Afternoon Report for Monday, the 4th of May, 2026. I'm Sean Aylmer. Every afternoon, we've got the five stories that happened today that you need to know about. Story number one, the S&P ASX 200 closed down almost half a percent to 8,697 points today as a sell-off in consumer staples, energy and utility stocks. pretty much overshadowed a recovery in the tech sector. The moves came ahead of tomorrow's interest rate decision from the Reserve Bank board. The bond market has priced in a more than 80% chance of a rate hike.
That would take the official cash rate to 4.35% and the standard variable home loan rate well into the eight point somethings. On the bores today, the big banks were mixed after National Australia Bank outlined a half-year profit of $3.59 billion, slightly lower than expected. Coals fell 4%, while Woolies and Wesfarmers were also lower.
Story number two, the latest federal polling is better news for Prime Minister Anthony Albanese and the coalition at the expense of One Nation. The latest Australian Financial Review Redbridge Group Accent Research poll shows Albanese's net approval rating has rebounded from the free fall it was in after the Bondi massacre late last year. In the latest poll, Labor's primary vote fell 1% or one point actually to 31%.
What were the latest market trends affecting the ASX?
which is well below the 34.6% it received on election day last year. The coalition's primary vote rose five points to 22%. That's still well below the 32% or so it received on election day. One Nation, well, it scored 6.4% on election day, but it's sitting at 27% primary vote. Now that is down two points from a month ago. On a two-party preferred basis, calculated using preference flows from the last election, Labor leads the coalition at 53% to 47%. And the big issue for voters, the cost of living. Story number three, the chairman of Southern Cross Media, Keith Mackay-Cruz, has stepped down days after a major shareholder called for him to be voted out. And after less than three months in the job, Southern Cross acquired Seven West Media earlier this year to create a new group responsible for the Seven Network, Triple M and Hit Radio.
as well as West Australian newspapers. The agreement meant billionaire Kerry Stokes stepped down as chairman. Now, shareholders were unhappy that while Southern Cross took over Seven West, Southern Cross investors didn't get to vote on it. On Friday last week, Sand & Capital, one of the major shareholders, made a formal application to remove directors. And well, today, Makai Cruz said he'd leave on June 30. So it looks like Sand & Capital got their way. Story number four, in corporate news, Viva Energy expects to restart its key residue catalytic cracking unit at the Geelong refinery in June, with repairs to the fire-damaged infrastructure forecast to take about six weeks. Investigation software company Newey has appointed John Ruffin as the company's permanent chief executive after six months as interim.
And Eagers Automotive has completed its acquisition of a 65% stake in Canada One Auto, marking its entry into the North American market. Finally, story number five, Rudy Giuliani, the former New York City mayor in charge during 9-11 and a longtime champion of President Donald Trump, is in a stable but critical condition in hospital, although the cause of his illness or injuries are unknown. Giuliani was injured in a car accident late last year. Not sure if it has something to do with that. US President Donald Trump wrote on social media, I quote, our fabulous Rudy Giuliani, a true warrior and the best mayor in the history of New York City by far, has been hospitalized and is in critical condition, end quote.
Giuliani became known as America's mayor after leading New York City through the aftermath of the 9-11 attacks. After the 2020 presidential election, though, he and other advisers travelled across the country accusing Trump's opponent, former President Joe Biden, of attempting to steal the election and making false claims about the results.
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