Fairfax hits fresh low
SHARES in Fairfax hit a new low yesterday, pushing the media company's market capitalisation below $1 billion.
SHARES in Fairfax hit a new low yesterday, pushing the media company's market capitalisation below $1 billion.Fairfax stock fell as much as 6.7 per cent, or 3?, to 41.5? before closing at 42?, as the company grapples with a shake-up of its business and a severe downturn in the advertising market.CMC chief market strategist Mike McCarthy said the elevated volumes of stock changing hands suggested a large seller was active. "More than 7 million shares crossed in single line at 41? is a clear indication," he said, referring to a single block trade.The plunge in Fairfax stock follows a 20 per cent tumble a week earlier, driven by the company's $2.7 billion loss and revelations that Gina Rinehart, the company's largest single shareholder, tried in vain to divest a third of her stake.Mr McCarthy said there were "no substantial buyers" for the stock with restructure implementation slated for next year.The company is turning The Age and The Sydney Morning Herald tabloid and plans to introduce website paywalls.APN News & Media shares fell as much as 28 per cent to as low as 28?, closing at 28.5?, after it announced the resignation of its chief financial officer but no successor.