Investment Matters

What mattered this week

The big mover this week was a tiny mining services company, Emeco, which jumped 109% to $0.07.  The heavy equipment company provided a fourth quarter update showing an improved operational and financial result.

But looking at the more well-known companies, it was a week of bad news for media companies.

Fairfax wrote off more than $1 billion of assets in its struggling publishing business (see Wry & Dry article), but its shares were down just 4%, as the market saw value in its Domain title.

Seven West Media shares fell 23% after the company warned that its profits will fall by up to 20% this year on the back of lower advertising revenue and higher costs of sporting rights.

Nine Entertainment shares were caught up in the Seven downdraft, falling 13%.

And looking at larger companies, the banks took a small hit (average 2.6% decline) on the market's reaction to their reaction to the RBA's interest rate cut.

Overall, the Twenty Leaders fell by almost 2%, with only AMP, Scentre, Westfield, Woolworths and Woodside ending up in the black.