APN News & Media and Fairfax take heaviest hits among media as share market tumbles

The Australian Securities Exchange fell 4.2 per cent

The Australian Securities Exchange fell 4.2 per cent

Many media industry shares have taken a hit as the Australian Securities Exchange tumbled to a two-year low today in the worst day since the GFC, on the back of a massive hit to Chinese markets.

APN News & Media (ASX:APN) was the worst hit slumping 7.27 per cent (4 cents) to 51 cents per share just days after reporting a profit, while Fairfax Media (ASX:FXJ) was not far behind losing 6 cents from its share price to close on 82 cents, down 6.82 per cent.

The largest Australian marketing company holding group STW Communications (ASX:SGN) – owners of Ogilvy, JWT and Ikon –  plunged 5.83 per cent, closing down 3.5 cents at 56.5 cents although fellow holding company Enero (ASX: EGG) – owner of Naked and BMF – stayed stationary opening and closing the day on 71 cents per share.

Overall the ASX was down 4.2 per cent.

TV networks also felt the force with regional player Prime Media (ASX:PRT) falling 5.17 per cent (3 cents) to 55 cents, Seven West Media (ASX:SWM) dropping 4.91 per cent to 77.5 cents (4 cents down), Southern Cross Media (ASX: SXL) falling 4.47 per cent (4 cents) to 85.5 cents, Nine Entertainment Co (ASX:NEC) dropping to $1.40, down 5 cents or 3.1 per cent and Ten Network Holdings (ASX:TEN) closing on 18.5 cents, down 0.5 cents or 2.63 per cent.

Real estate specialists REA Group (ASX:REA) also took a dive losing $1.83 (4.24 per cent) closing at $41.32, and majority owner News Corp (ASX:NWS) dropped 43 cents to $19.14 ( down 2.20 per cent).

Customer engagement specialists Salmat suffered a 2 cent (2.86 per cent) drop to 68 cents.

However, a few shares did make positive growth, including outdoor companies Ooh Media and APN Outdoor. APN (ASX:APO) today reported half-yearly profits of $12.9m – helping its share price jump 12 per cent to $3.36.

Ooh Media (ASX:OML), which reports its results tomorrow, enjoyed a 9 per cent share price lift to $2.57 – 3.63 per cent, while Isentia climbed 1 cent (0.29 per cent) after reporting strong results on Friday, finishing on $3.47.


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