Nine cops the worst of it on historically bad day for Unmade Index
The oil-shocked ASX set the scene for a nasty day for media stocks, with local giant Nine losing almost 7% (-6.97%, or more than $95m in total market value) and the Unmade Index heading to new lows.
Reflecting rising fuel prices and fears of a long and destabilising war in the Middle East, the ASX200 fell immediately on opening, diving to almost -4% before rebounding somewhat (ending -2.85%).
The same pattern was seen in the Unmade Index stocks, although News Corp, which was up 2.84%, Enero (+2.00%), and Ive (+0.70%) bucked the market.
The losers were led by Pureprofile (-7.14%). Motio was also down heavily, falling 6.00%, while Sports Entertainment was down 4.00%. Southern Cross was down 2.38% and GTN was down 2.22%, with Ooh Media also down, slipping 0.52%.
The overall picture was grim, with the big movement in the Index’s biggest player, Nine (News Corp does not feed into the index) bringing the Index down 3.01% to 378.3.
