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Markets wrap: Aussie shares set to rise, central banks continue to tighten, Seven wins Logies and AFL deal


The ASX is set to rise today as global share markets went up over the last week. Aussie shares remain at high risk of further falls in the months ahead as central banks continue to tighten to combat high inflation, uncertainty about recession remains high and geopolitical risks continue.

The AUD is likely to remain volatile in the short term as global uncertainties persist. As expected, the RBA lifting the cash rate by 0.50% to 2.35% last week was announced as yet another attempt to curb inflation, which has showed few signs of slowing down in Australia.

Employment data is set to be released on Thursday. AMP has forecast a solid rise in employment of 45K, and a lift back in the participation rate to 66.7% taking the unemployment rate a little higher to 3.5%.

Read on for a wrap of the latest movements and market news in media and marketing companies.

Seven West Media:

  • Seven Network has today announced it’s securing the rights to the Logies for 2023, marking the first time Seven has been host broadcaster – and first time Nine has not- since 1995.
  • In a partnership with Are Media, Australian television’s “night of nights” will be broadcast on Channel 7 and 7plus, and, although a location has not been confirmed, the event is set for June 18.
  • In addition to the Logies victory, Seven scored the landmark AFL rights after a long tussle with other broadcasters vying for a winning bid.
  • After negotiating a two-year extension running until 2024, the new deal will run for a seven-year period, worth a total of $643 million per year, a large increase on the $473 million per year figure over the next two seasons. AFL CEO Gillion McLachlan said the deal is worth a total of $4.5 billion.
  • Seven West Media shares closed higher on Tuesday, the day of the announcement, as investors rallied the share price up. Despite the short-term boost, Seven West Media shares are down more than 21% year-to-date.
  • After tumbling to a 52-week low of 33.5 cents during mid-May, the Seven West Media share price is staging a comeback.
  • The share fell almost 50% between May and June but has not looked back since. In that time, the company’s shares are up 48%.
  • SWM shares are currently trading at 0.49 AUD today. 
  • Over the last month, the share price has declined by -0.03 (-5.77%).
  • SWM currently has a market capitalisation of A$779.16 million.

Dentsu:

Nine Entertainment Co.:

  • Nine continues its power struggle with its journalists – employees at the Sydney Morning Herald, The Age, and Australian Financial Review are voting to walk off the job should management not return with an improved salary offer.
  • Nine has offered its journalists a 3.5% increase on graded rates, backdated to 1 July 2022, with a 3% increase to the discretionary ‘merit pool’ for high-income earners on the payroll. Across the company’s three main mastheads, about 90% of staff are members of the union.
  • Nine Entertainment Co Holdings Ltd (ASX: NEC) shares surged in early trade late August, the day the company announced a “record” result and dividend payout, as well as a $341 million buyback.
  • NEC shares today trade at 2.14 AUD, falling by -0.08 (-3.60%) after shares soared at 2.23 AUD last Thursday 8th.
  • Nine’s market capitalisation is currently 3.65B.

Publicis Groupe:

  • Publicis Groupe APAC walked away with 4 Golds, 4 Silvers and 2 Bronze EFFIE awards at last week’s APAC EFFIEs gala.
  • While Publicis stock has only gained 11% over the last five years, the company does appear to be in a robust financial situation considering its net cash and margin position.
  • The Groupe’s share price has risen to 53.10 EUR today, up +1.54 (2.99%) since markets closed. The stock has seen a positive continued incline over the last week.

The post Markets wrap: Aussie shares set to rise, central banks continue to tighten, Seven wins Logies and AFL deal appeared first on Mumbrella.



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