Stock market wrap: after drubbing on the ASX, media shares finally see upticks

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After last week’s obliteration of the value of most media and tech stocks, things are looking up across the board for holding companies.

Last week saw the ASX suffer its biggest weekly loss since 2020, but investor fears of a global economic downturn appear to have tempered as the ASX makes a recovery this week. Rising interest rates and fiscal policies enacted by the RBA and US Federal Reserve saw investors collectively fearing that attempts to curb inflation were threatening economic growth.

The stock market last week saw the Dow Jones Industrial Average fall 0.13 per cent, the S&P 500 add 0.22 per cent, and Nasdaq Composite rise by 1.43 per cent.

This week, the ASX is beginning to make a steady recovery, after stocks across the board were pummeled last Friday, leading to six-month lows for many ASX-listed media, advertising and marketing companies. While recoveries were milder and weaker on Monday this week, today’s market sees shares inching towards increased value.

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Read on for a news wrap of this week’s ASX-listed media, marketing and advertising stocks.

News Corporation:

  • News Corp’s share price has seen an uptick, sitting at 23.17 AUD+0.35 (1.53%) since markets closed at 22.82.
  • Last Friday, NWS shares sank to a low of 22.45, the lowest number seen in six months.
  • Lachlan Murdoch’s $220 million attempt last week to add sports betting platform PointsBet to News Corporation’s traditional media business in Australia fell flat, with negotiations ongoing.

oOHmedia!:

Nine Entertainment Co.:

  • Nine’s share price currently sits at 1.88 AUD, making a solid recovery after last week’s battering saw the price tank at 1.74 on Friday 17 June.
  • Overall, NEC is down 0.53 (-21.99%) from last month.
  • Last week, Nine’s biggest metro newspaper, The Sydney Morning Herald, landed in hot water after the controversy of a reporter ‘outing’ actress Rebel Wilson’s sexuality.

Seven West Media:

  • SWM stocks are currently sitting at 0.39.
  • The share price has risen by 0.04 (9.86%) in the last 5 days, continuing the trend of media companies experiencing an upturn in the markets
  • Seven West recently increased the purchase price of regional WA newspapers including The South Western Times, Geraldton Guardian, Albany Advertiser, and Manjimup Bridgetown Times, which saw price rises from between $1.30 to $1.90 as global supply chain issues drive up the cost of the paper.

Southern Cross Austereo:

HT&E:

  • HT&E’s share price is still in the red, with stocks trading at 1.16 today.
  • Continuing the trend of share price annihilation on Friday 17th, HT&E experienced its six month low of 1.15 last week.
  • HT1 shares have seen a loss of -0.05 (-4.12%) in the last 5 days.

More to come.

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