Afternoon Report | Iran conflict sends oil prices higher

0:00Welcome to the Fear Agreed Business News afternoon report for Monday the 2nd of March. I'm Sean A. Olma. Every afternoon we've got the five stories that happen today that you need to know about story number one. The local share market closed flat today with rising energy and gold companies cushioning falls in other sectors. By the close, the S&P A6200 was up just two points to 9,201 points. Companies will be watching Wall Street closely tonight for its reaction to the conflict in the Middle East. Best on the day was Corrune Energy up 15% while oil and gas major woodside jumped 7%. The energy subindex rose 5.5% all up. Worst was by our pay later group Zico, which fell 8% in terms of sectors, tech stocks can't find any friends at the moment with a tech subindex down 3% today. Among the large cap sphp surge to overtake Commonwealth Bank as the country's largest stock once again. Story number two. The conflict in the Middle East, which is now spread to a dozen countries, said oil prices

1:00surging today, although they did come back somewhat and are currently trading up about 7%. The price of gold also jumped to above 5355 US dollars. While the US dollar is appreciating gains to other currencies, investors look for quality assets. The Aussies buying just under 71 US cents, attacks in the Middle East continued throughout the last 24 hours, and US President Donald Trump said the conflict could last for at least 4 weeks. Story number three. Corporate profits in Australia rose by nearly 6% in the December quarter, will ahead of expectations according to the Australian Bureau of Statistics. It was the second straight quarter of strong profit increases. Mining profits picked up most. They jumped 8% followed by a whole soul trade and accommodation in third services. Profits also rebounded in manufacturing while retail trade was flat. An administrative and support services went backwards. Story number four. ASEX listed funds management group Magellan will merge with investment bank Baron Joey, officially bringing together several of the country's highest profile finance executives.

2:05Magellan already owns 36% of Baron Joey, and is back since its inception. It'll spend at $900 million to buy this take. It doesn't own. While Magellan has struggled in recent times, Baron Joey certainly hasn't. It's been booming. In the last 12 months, the investment bank delivered $108 million profit. It was founded back in 2020 by former UBS bankers Guy Fowler and Matthew Grounds. The chair of the group will be David Gonsky, perhaps Australia's best-owned investment banker. Brian Benari, the CEO of Baron Joey, will become boss of the combined group. And finally, Story number five. Two people were killed and over a dozen injured. In a shooting outside a beer garden in Austin, Texas, in an incident, the FBI says may be related to terrorism. The suspect is a naturalised American citizen born in Senegal, according to CBS News and other US media. After responding to calls from an active shooter, police said that they shot and killed the suspect, bringing the death toll to three. Police have not offered a motive and have not officially identified the suspect of the survivor's 14 retaken a hospital, three in a critical condition, two sources familiar

3:10with the investigation told CBS News that the gunman was wearing a sweatshirt with a few words, property of Allah on it. That's it for the afternoon report from Monday, the 2nd of March, 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 Alma. Enjoy your evening.