Market rewards ARN as it throws off the shackles of Kyle and Jackie O

ARN’s cancellation of the Kyle and Jackie O Show and rebuke of Kyle Sandilands was given the seal of approval by investors, with the stock up all day.

Jackie Henderson and Sandilands’ contracts, which were to run until the end of 2034, were reported to be worth $20m a year. That is a material number for a business with a market cap of $112m. The stock rose 4.35%.

Sports Entertainment Group surged 22.22% (it has been extremely volatile recently), and Pureprofile was rising 2.44%.

The Index was otherwise dominated by losers: Ooh Media led the decline, down 5.00%, followed by Motio down 3.85% and Vinyl down 3.37%. Ive was also falling, down 1.37%, while Southern Cross was down 0.81% and News Corp slipped 0.72%.

All these movements left the Unmade Index almost static, up just 0.03% and sitting on 392.2.