ARN setback takes Unmade Index down

ARN Media dragged the Unmade Index downwards yesterday after losing a key battle with the Takeovers Panel. Shares in ARN Media, which is currently part of a bid to take over Southern Cross Austereo, fell by 9.57% in late trading after the panel’s ruling which limits what it can do with the stake it has already built up in SCA.

The Unmade Index, which tracks the performance of ASX-listed media and marketing stocks, dropped 0.74% yesterday to 600.3 points.

Seven had the next biggest fall, losing 4%. IVE Group fell 0.76%, Enero Group 0.67%, Domain 0.60%, Pureprofile 3.57% and Nine 0.25%.

Ooh Media had the biggest rise in share price – 1.39% – and Southern Cross Austereo followed with a 1.05% lift.

Time to leave you to your Wednesday..

Have a great day.

Toodlepip…

Tim Burrowes

Publisher – Unmade

tim@unmade.media