The financial year has drawn to a close, and shares in Australian media stocks are making a steady recovery from their collective plummet last month. As the RBA lifts the cash rate, Australian shares are primed to rise today after a positive day on Wall Street.
Inflation shows no sign of slowing down, so the RBA has continued to make its controversial move of aggressively hiking up interest rates. Given the RBA’s promise that it wouldn’t lift interest rates until 2024, consumers and businesses are outraged. Labour market pressures abound, with record low employment contributing to the state of the macroeconomic landscape.
Read on for a summary of how stocks in Australian media companies performed this week.
News Corporation:
- The News Corp share price is looking up after stabilisation following Monday’s spike, currently trading at 23.53 AUD, up +0.32
- The share price has been looking up since Monday, after it tanked at the end of June.
- News Corp Australia yesterday announced the appointment of Michael Murphy to the role of chief financial officer.
- Last week, News Corp Australia announced that it increased its investment in Medium Rare Content Agency, acquiring 20 per cent of the commercial content business it did not previously own.
Seven West Media:
- SWM stocks have suffered a plunge into the red, trading at 0.41 AUD today, down −0.0100
- SWM stocks spiked on Wednesday but have now seen a stabilised decline.
- The share price has seen a decline over the last month, ending the financial year down –0.01
Nine Entertainment Co.:
- Nine’s share price has seen an increase, trading at 1.91 AUD, up +0.025 today.
- The share price has stabilised since Wednesday, when it spiked at 1.92 AUD.
- NEC stocks have declined overall in the last month, falling -0.14 (-6.83%).
Southern Cross Austereo:
- The SXL share price is trading at 1.10 AUD today, up +0.020
- Following the trend of media stocks spiking in the middle of this week, SXL shares rose to 1.10 this Wednesday – the share price has stabilised since.
- SXL stocks have seen an overall decline of -7.20% in the last month.
oOHmedia!:
- OML stocks have encountered a tumultuous week, trading at 1.22 AUD today, a decline of −0.0050 (0.41%).
- OML stocks did also spike to 1.26 on Wednesday, gradually declining since.
- oOh!media has strengthened its Queensland retail media portfolio, announcing new and renewed long-term partnerships with 10 shopping centres across the state.
HT&E:
- HT&E’s share price has seen a decline today, trading at 1.20 AUD, a fall of -0.04 (-3.63%).
- HT&E bucked the trend of media stocks spiking on Wednesday, seeing a stabilised share price early-mid week.
- HT1 stocks have seen an overall decline this month of -0.18 .