Shares in Australian media companies fell sharply today, following Wall Street’s dive in response to an escalating international tariff war.
The local All Ordinaries index closed down 4.12%, recovering some ground after dipping around 6% in early trade. The index has lost 8.19% over five days.
The market was reacting to a sell off on Wall Street as the trade war between the US and China escalated. The S&P 500 fell 5.6% on Friday.
At the close, Nine Entertainment was down 7% to $1.36 and Seven West Media 10% to 13.5 cents.
Radio broadcaster SCA dropped more than 7% to 60 cents a share and competitor ARN Media 2.8% to 58.5 cents.
Outdoor media player oOh! dipped 2.8% to $1.39.
Major media group News Corp was down 3.8% to $44.56.
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