Unmade Index drops as market punishes Ooh and Nine over trading updates

The market was not particularly happy with what it heard at Nine’s annual general meeting on Friday morning, taking 1.75% off the nation’s big media network on its big day. Actually, it may not be so much what it heard at the meeting — with Nine avoiding a second strike over remuneration and an orderly transition to new chair Peter Tonagh — as what was contained in a trading update filed to the ASX before the AGM got underway.

While Nine dipped, the big loser of the day, and what has driven the Index deep into the red, was a decline of close to 6% (-5.97%) for Ooh Media. Again, this was a response to an ASX trading update in which Ooh called out a poor October. Ooh didn’t put a number on it, saying only that “the advertising market softened significantly”.

Vinyl also declined sharply (-6.67%), joined by Enero (-3.68%), Ive (-2.01%), Motio (-1.89%) and Seven West Media (-1.46%). Only Pureprofile and ARN gained (+2.27% and 0.38%).