Recovery in Media stocks

Media Stocks have somewhat recovered today, but the telcos are sliding on the other hand. The S&P/ASX 200 is still higher at 5865 but is coming down from a morning high. Media as an overall sector has not done so well in 2018, but seems to be recovering now. With 15.7 million shares trading hands today Trading volumes are unusually high in Fairfax Media, pushing the stock price up to 69.5 cents by 3.7 percent. Suggesting institutional and off-shore funds, half the shares are being traded via UBS and Merrill Lynch. Indeed, in the past two sessions Guggenheim Partners, Invesco, Royal Bank of Canada, Lyxor International, and State Street have been buying into the Australian media company. Meanwhile, Eric Choi, UBS analyst at the latest advertising data has taken a closer look and believes Seven and Nine currently each have 39 percent of the television advertising market. Of the total ad market this leaves Ten with about 22 percent. Metro television ad bookings meanwhile are down 2.1 percent this September compared to last year, while Foxtel's are down 8.9 percent in ad bookings. While Nine up 1.8 percent to $1.84, Seven West up 2.4 percent to 85 cents and Fairfax Media is up 2.6 percent to 68.75 cents. Rising 0.9 per cent in morning trading to $2.66, even Domain Holdings has halted its slide. However, REA Group is flat at $72.34. Fairfax media seems to be recovering from a fall on October 15, 2018. Taking advantage of the recent price drop, were the three directors of Domain Holdings, Domain is down to $2.64 today the lowest price since it listed in November last year. Against a rising market Telstra, is down 1.8 percent the biggest telco stock in the market. Company Vocus is down to $3.12 by 1.9 percent, while recently merged TPG and Hutchison are down with Hutchison Telecommunications to 10 cents by 20 percent and TPG to $7.60 down by 2.2 percent. Telstra remuneration has been protested by Unions. And if Mr. Penn’s salary was like former boss the outrage would have been multifold. Chief executive Hugh Marks spent $99,888 buying shares on market at a price of $1.82, on Monday evening. Before settling lower at $1.815, shares jumped from $1.815 to $1.82 and then received support at $1.82. Trading has again started on ASX and it has challenged the futures by jumping up 18 points where the futures were flat and is at 5856 currently.

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