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.
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That’s nothing. If and when interest rates move those two will drown in red ink.