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Market wrap: ASX ends financial year with a plummet, as global recession fears loom


The ASX has tumbled 10.2% this year, as the financial year ends on a downturn. Shares of Australian media companies finished their tumble into the red yesterday, uniformly closing out the financial year with significant losses in their share price.

Australian shares have continued their downward trend, slumping lower yesterday as the financial year draws to a close. Global central banks have continued to tighten monetary policies with increasing interest rate hikes, which are stirring recession fears in investors around the globe. The benchmark S&P/ASX 200 ended the final trading session of the financial year with a 2% drop.

In the US, the Dow suffered its worst day since 1960, and concerns of inflation, tightened monetary policies and rising interest rates continue to dominate conversation. Economists continue to debate whether the current inflation is primarily caused by supply disruptions or excessive demand, and whether it will be temporary or long-term, but regardless, aggressive interest rate hikes don’t seem to be going anywhere.

While share prices of the big four banks tumble on Australian shores, the cryptoverse has also suffered a seismic crash, seeing more than 80,000 Bitcoin (BTC) investors having their millionaire status revoked due to the severe crypto market downturn. The stock value of Bitcoin has dropped by a drastic 37% over the last 30 days.

Read on for a recap of stock market activity for Australia’s largest media holding companies.

News Corporation:

  • NWS stocks are in the red today, currently trading at 22.47 AUD, a drop of 0.55 (2.39%) since market close.
  • Overall, the NWS share price has lifted by +0.07 (0.31%) in the last 5 days, following a severe crash in the two weeks prior.
  • News Corp closes off the financial year with a significant drop of 9.63 (-30.00%) in the share price over the last six months.
  • Speculation continues to loom over the impact of Rupert Murdoch’s impending divorce from fourth wife Jerry Hall on the NWS share price.

Seven West Media:

  • SWM stocks are trading at 0.41 AUD today, down by −0.020 (4.65%).
  • Seven West Media yesterday filed court proceedings in the Federal Court of Australia against Cricket Australia in relation to multiple breaches of a media rights agreement between the two parties.
  • Seven is seeking a court declaration to allow them to terminate a $450 million Test cricket and Big Bash League broadcasting rights deal with Cricket Australia.
  • SWM share price has also seen a slight uptick over the last 5 days, with today’s share price indicating an increase of +0.04 (10.81%) over the last 5 days.
  • Seven West Media closes off the financial year with a fall of -34.92% in their share price over the last six months.

Nine Entertainment Co.:

oOHmedia!:

  • oOhmedia!’s share price trades at 1.21 AUD today, a drop of -0.0050 (0.41%).
  • Over the last five days, the share price has stabilised, with stocks seeing an uptick of +0.11 (10.00%) over the last 5 days.
  • oOhmedia! closes off the financial year with a decreased share price of -0.51 (-29.65%) over the last six months.
  • As part of its ongoing capital investment program, oOh! has secured and launched new portfolio assets this week in Chermside, Brisbane.

HT&E:

  • HT&E’s share price is trading at 1.12 AUD, a fall of −0.020 (1.75%) today.
  • While shares have seen tumultuous activity over the last week, the share price has increased by +0.01 (0.90%) over the last 5 days.
  • HT&E closes off the financial year with more significant losses than other media companies, its stock price falling by a total -0.95 AUD ast six months.

Southern Cross Austereo:

  • The SXL share price trades at 0.995 AUD today.
  • The share price has also stabilised over the last week, seeing an uptick of +0.08 (9.34%) over the last 5 days.
  • SCA closes off the financial year with a large drop in the valuation of SXL stocks, seeing a drop in -0.95 (-48.71%) of the share price over the last 6 months.
  • Paramount ANZ has hinted that CBS may be in discussions to purchase Southern Cross Media Group.

The post Market wrap: ASX ends financial year with a plummet, as global recession fears loom appeared first on Mumbrella.



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