Tuesday spelled good news for media as shares surged on ASX
Australian investors were feeling optimistic about the COVID-19 recovery on Tuesday, with the ASX200 index up 2.44% to rest at 6,144.90 points.
Shares in many local media businesses surged on the ASX as experts speculate that the local market is playing catch-up with the rest of the world.
Southern Cross Austereo shares were up 6.52% at market close on Tuesday, ending the day at 0.24 cents with a market cap of $647.32 million.
Shares in television, print and radio broadcaster Nine also increased, up 6.43% to close at $1.66 and a market cap of $2.82 billion.
That optimism did not extend to HT&E, owners of Australian Radio Network and the KIIS and Pure Gold networks, down 4.52% to $1.48 and a market cap of $414.17 million.
After announcing the acquisition of Sydney radio station 2CH on Friday, investors responded positively to the news. Shares in Pacific Star Network were stable at 0.22 cents.
Shares in Seven West Media and oOh!media were also up at market close on Tuesday.
But don’t pop the champagne just yet, the ABC reports that Australian shares are expected to fall sharply today after yesterday’s surge of enthusiasm.
Investors moved their moolah into gold as any optimism about the economic reboot subsided, with the spot price of gold up 1.2% to $US1,714.32 an ounce.
The Australian dollar also fell sharply to US 69.51 cents, and was weaker against other major currencies. A big drop compared to Tuesday after a high of US 70.4 cents.