Media stocks take a dive with Ten, Prime and Seven West Media the worst punished shares

September 29, 2015 6:47

All Ordinaries

Media stocks have today been punished as the ASX All Ordinaries index took a pummelling, falling 3.63 per cent and taking $55bn off the value of the market.

ASX All Ordinaries (XAO) | Source: Google Finance

TV networks were among the worst affected with Prime Media (ASX:PRT) down 5.36 per cent to 53 cents, Ten (ASX: TEN) which fell 5.13 per cent to 18.5 cents and Seven West Media (ASX: SWM) which fell 4 per cent to 72 cents.

News Corp (ASX: NEC) were also affected falling 4 per cent to $17.74 while Nine Entertainment (ASX: NEC) shares held up comparatively well falling 2.51 per cent to $1.55.

Property group REA Group (ASX: REA) was down 3.4 percent to $43.47, Southern Cross Austereo (ASX: SXL) fell 2.21 per cent to 88.5 cents, APN News & Media (ASX:APN) was down 2 per cent to 49 cents, while Fairfax Media (ASX: FXJ) fell 1.7 per cent to 86.5 cents.

Salmat was the only media and marketing share to defy the market with the customer engagement company up 4.03 per cent today to 64.5 cents.

Both the STW Communications (ASX:SGN), and Enero (ASX: EGG) were stable at 68 cents and 72 cents respectively.

The Australian Securities Exchanges closed on its worst numbers in more than two years.

Nic Christensen

Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

Topics