Unpleasant business: ARN kicked off the All Ordinaries
“Entertainment company” ARN has been booted from the All Ordinaries after the index’s quarterly rebalancing. The eviction from the index — which contains the biggest 500 Australian listed companies by market cap — follows a share price decline from the start of the year.
The setback came after ARN made some headway earlier in the week, with the market reacting positively to news of the audio network taking a hard line with Kyle Sandilands. It is currently seeking to terminate Sandilands’ $10m a year contract for “serious misconduct”.
The stock lost another 1.37% today to end with a cap of $112.7m, evidently not enough to hang on.
Friday was also rough on several other of our own index’s stocks: GTN fell the most, down 6.25%, followed by Enero down 4.72%. Ive was also down 2.07%, while Pureprofile was down 2.33%. Vinyl was down 1.23%, with Ooh Media down 1.03% and Nine down 0.99%.
The smaller group of gainers was led by Southern Cross Media, which was up 1.61%, while News Corp also rose, up 0.92%.
In total the index lost 1.12% to end the week at 390.1, a new record low.
