Fairfax and APN shares both suffer on ASX
Shares in Fairfax Media and APN News and Media both saw drops on the ASX in early trading today.
Fairfax – publisher of the Sydney Morning Herald and The Age – fell to its lowest price so far this year, while APN, which has regional newspaper, radio and outdoor interests, hit a near low.
At the time of writing, Fairfax (FXJ) shares were down to 48c, a drop of around eight per cent on last night’s close. The previous 2013 low for the company was February’s 50c price. The lowest the share price has ever been is 36c. Fairfax’s current market capitalisation is $1.1bn.
APN shares fell to 24.5c, also down about 8 per cent, valuing the company at $160m, close to its lowest valuation of all time.
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Well their outsourcing costs go up every time the dollar slips. And the last investor presentation effectively said that none of the main brands had a future. The next cost costs ought to be the chairman, boatd and CEO.
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@ Ex Reader – long overdue
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