Market wrap: US recession fears spell disaster for Australian media stocks
An astronomical $116 billion has been wiped off the ASX since Tuesday, as rising inflation led to stocks nosediving on Wall Street.
As it inches increasingly closer to bear market status, the ASX200 is now down 13.5 per cent from its all-time high.
On Monday, the US share market dropped by 3.9 per cent with the S&P 500 confirming it was in a bear market.
On Tuesday, Australians saw their portfolios collapse, with some of the nation’s wealthiest rich-listers like Gina Reinhart and Andrew Forrest losing $12 billion in mere hours.
The ASX sank almost 1.3% yesterday.
The Australian share market is thankfully seeing a slight upturn today after the most brutal week of trading since the pandemic, with ASX futures rallying 0.24%, the first positive open to Australian trade in five days.
Australian media stocks haven’t had a positive opening to the market this morning, with all groups seeing a continued decline in their share price.
Seven West Media:
- SWM stocks suffered a steep decline today, continuing yesterday’s trend after numbers showed more positive signs on Tuesday.
- SWM’s share price opened at 0.370 today, and is currently trading at a low of 0.345.
- The all-week low for SWM stocks is 0.345, reflecting an exceptionally rough market day on Wednesday.
Nine Entertainment:
- NEC stocks opened at 1.860 today, and are currently trading at 1.850.
- This time last week, NEC stocks were trading at 2.030.
- The all-week low for NEC stocks is 1.847, meaning the currently share price is not too far off.
oOh!media:
- OML stocks saw a significant decline from Tuesday, with stocks tumbling down to a low of 1.050 from 1.165.
- Today, OML stocks are trading at 1.070, after the market opened at 1.080.
News Corp:
- NWS shares also suffered a steep, sharp decline on Tuesday, falling from 24.00 when markets closed on Friday to 22.80 on Tuesday.
- NWS stocks continue to remain in the red, opening at 23.16 today on the ASX.
- Since markets opened, NWS shares are now trading at 22.98.
Southern Cross Austereo:
- Southern Cross Media Group has seen a sharp decline in its share price too, trading at 0.970 today.
- SXL shares also started the week with a tumble down the share market, after markets closed at 1.047 on Friday.
- The all-week low for SXL shares is 0.955.
HT&E:
- HT&E stocks have endured tumultuous activity in the market this week, with the market opening at 1.400 on Tuesday after a lower 1.200 close on Friday.
- HT&E shares are trading at 1.215 today, after opening at 1.400.
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