Weekly wrap: Australian media stocks continue a collective decline
Interest rates continue to rise as the overall price of Australian shares drops even lower this week. On Thursday, the ASX 200 sank significantly lower after a rough night on Wall Street. Read on for a wrap of this week’s Australian media, marketing, and advertising stocks.
Australian shares were already poised to open lower this morning amidst a drop of more than 1% in the AUD. Shares in media holding companies continue to decline, signifying a collective devaluation in the marketplace amidst climbing interest rates and poor performances across Wall Street on the Dow Jones and NASDAQ.
Seven West Media (ASX:SWM):
- After posting a more than $500 million loss in valuation so far in 2022, Seven’s share price continues its tumble further into the red.
- SWM stocks have traded at a 52-week low of 0.38, meaning today’s share price of 0.42 is just slightly above the stock’s worst performance in a year.
- It has been a difficult week for Seven on the market, with shares opening at 0.48 this week.
- SWM stock has seen a -14.43% decline the past 5 days.
Nine Entertainment Co. (ASX:NEC):
- NEC stock is sitting at 2.04 AUD today.
- Nine Entertainment Co. posted a 28% loss in market valuation in the YTD of $1.5 billion, with approximately $1 billion of Nine’s loss being attributed to real estate platform Domain’s decline.
- The NEC opened at 2.10 this Monday morning, meaning Nine has continued to see a decline in the last 5 days.
News Corporation (ASX:NWS):
- News Corp has seen a -1.46% decline in its share price over the last five days, currently trading at 24.25.
- The declining stock comes as Rupert Murdoch’s News Corporation has seen a 23% decline in share price in the YTD.
- News Corp this week launched KommunityTV, a streaming service for live community sport across Australia.
- News Corp this Tuesday issued their statement of CDI’s on issue on the ASX.
Southern Cross Austereo (ASX:SXL):
- SXL shares are trading at 1.110 today, a reasonably significant decline since shares traded at 1.53 this time a month ago.
- The SXL share price has seen a -0.25 decline (-18.38%) in the last five days.
- SXL shares have seen a -0.83 (-42.78%) overall decline in the YTD.
- Long-time director of the SCA, Peter Harvie, recently passed away, leaving behind a long legacy in Australian media and advertising.
oOH!media (OML):
- OML stocks are trading at 1.21 today, making a slight comeback after their slump of 1.18 yesterday.
- The OML share price has seen an overall decline of -0.17 (-12.32%) this week, after opening at 1.38 on Monday morning.
- In the company’s AGM last month, they reported 15% growth in the March quarter, which is consistent with what was predicted in February.
- oOh!media also reported a strong performance in road, street furniture and retail at +14% above stats reported from April 2019.
Stay tuned for ‘Monday markets’ next week, with analysis and updates on global media, advertising and marketing stocks.
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