ARN back in front of SEN as investors settle down on Kyle & Jackie O saga
ARN Media has regained its lead over the owner of radio rival SEN Radio after the audio company’s strong share price recovery extended into a third day.
After the embarrassment of being overtaken for market capitalisation by the comparative minnow of Sports Entertainment Group, ARN is now once more comfortably ahead after the share price grew another 6.8%. ARN closed on a market cap of $73.6m, well ahead of SEG’s $68.6m.
It was also a good day for Southern Cross Austereo which improved by 4.5% to a market cap of $280m. Yesterday it emerged that former Seven legal eagle Bruce McWilliam has become a substantial shareholder in SCA.
Outside the broadcast sector, Vinyl Group was the best performer on the index after revealing two grown up management hires. Vinyl grew by 7.4% to a market cap of $121m.
Local holdco Enero was up by 6.9% the day after revealing an acrimonious parting of the ways with client Westpac and its agency BMF.
The Unmade Index, which tracks the performance of Australia’s listed media and marketing stocks, closed up by 0.87% for the day, on 379.7 points.