Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Welcome to the Fear and Greed Business News Afternoon Report for Friday the 12th of June 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 local share market jumped 2% today to finish at 8,804 points, its highest level in more than a month. News of a permanent, supposedly permanent,
deal between the US, Israel and Iran, possibly this weekend, supercharged the market. The gold miners were the biggest winners as the price of the precious metal surged back beyond US$4,200 an ounce. The energy companies fell back as the price of Brent dropped below $90 a barrel. That was its lowest level in about two months.
Of the 11 sub-indices, the materials outperformed with BHP, Rio Tinto and Fortescue Metals Group all surging. Lithium Miner PLS was among the best on the day, while Goodman Group and Brambles both did well. The big banks were higher, though underperformers for the session, while defensive stocks like Telstra, Transurban and CSL couldn't keep up with the rest of the market.
Story number two, US President Donald Trump has claimed an initial agreement aimed at ending the war with Iran is close after posting that he had cancelled military strikes on the country.
Chapter 2: What market trends were observed today?
He said Vice President J.D. Vance was likely to sign a deal this weekend However, Iran's foreign ministry told state TV that reports of an agreement were speculative and nothing has been finalized. Speaking to reporters, Trump said, and I quote, we have a deal that Iran will never have a nuclear weapon, which was the whole purpose of what we had to go through to get this.
So it's a very big thing. Hmm. We'll have to wait and see on that one. Story number three, Foxtel has offered to buy the NRL rights for seven years under a complex multi-billion dollar proposal that would split the free-to-air coverage of the sport of rugby league between two television networks, a according to a report this afternoon in the AFR.
Streaming services and television networks are in negotiations with the National Rugby League, one of Australia's most valuable sporting assets that is split between Nine Network and Foxtel until the end of next season. The Fin says that Foxtel has offered to buy the rights in their entirety and sub-licence them to Southern Cross Media, the owner of Seven Network and Paramount.
the owner of Network 10. Seven would broadcast State of Origin series. Ten would cover Thursday and Friday nights. Foxtel and its streaming service, Chaos Sports, would hold the streaming rights and continue to broadcast Saturday matches exclusively.
Story number four, Magellan Financial rallied today after the Australian Competition and Consumer Commission said its merger with Baron Joey could take effect as scheduled from early next month. Monash IVF edged up even after it downgraded its earnings guidance for the financial year.
And REA and News Corp were among the worst performers after Citi, the investment bank Citi, cut its 2027 profit forecast, saying that property listings face a near-term hit thanks to the federal government's proposed negative gearing and capital gains tax changes. And story number five, the world's biggest IPO, SpaceX hits the market tonight with 557 million shares sold at 135 US dollars each.
SpaceX raised 75 billion US dollars and Elon Musk, is now on the verge of becoming the world's first trillionaire. Trading begins at 2 a.m. Eastern time in Australia. The IPO is three times the next largest ever and about 30,000 Australian investors have applied for allocations. That's it for the afternoon report for Friday, the 12th of June, 2026.
Make sure you're following the podcast and head along to fearandgreed.com.au to sign up for our free daily newsletter. I'm Sean Aylmer. Enjoy your evening.
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