When will investors find a reason to believe in media stocks again?
Welcome to a Tuesday edition of Unmade.
Today’s full post is for our paying members only. Below the paywall we analyse the factors behind the Unmade Index’s decline to yet another new low.
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Three years of anti-media investor sentiment on the ASX
It’s not quite three years since we started the Unmade Index. The idea was to track the performance of all the ASX-listed media and marketing companies. The index would capture the overall value of the entire sector.
When we kicked off the Unmade Index at the beginning of 2022 on a nominal 1000 points, I wish I’d written down some predictions. However, given how much of a tear media stocks were on during that Covid-abnormal period, my guesses would all have been about how much higher it could go. I’d have been entirely wrong.
Instead, the Index was never as high again. Since January 4, 2022, the Index never went above 1000 points. It dipped almost immediately, recovered to 991 points in February 2022 and never came close again.
Yesterday the Unmade Index hit a new low point, landing at 434.8 points.