Seven West Media’s share price rose 13.7% following the network’s partnership with Foxtel to secure the broadcast rights to the cricket in a six-year deal worth $1.2 billion.
However, much of this gain has been wiped away during Monday’s trade after investment bank UBS reduced its price target on Seven West Media shares from $0.70 to $0.60.
As at 2:00pm AEST, Seven West Media is trading at $0.52 – 9.48% down from open.
The ASX 200’s biggest winner last week was wind farm operator Infigen Energy with a 17.6% gain.
A major stake in the company was sold to asset manager Brookfield, sending Infigen’s share price soaring by its biggest single-day percentage gain in over seven weeks.
Other big rises were felt by oil and gas producer Beach Energy (10.1%), construction materials company Fletcher Building (8.9%) and commodity company Alumina (8.4%).
Canstar’s General Manager of Wealth Josh Callaghan said increasing political tension around the world between the US and Russia will play a part in the markets this week.
“Unless this significantly escalates, we’re likely to see a relatively flat week again,” Mr Callaghan said.
|Top 5 Winner and Losers of the ASX 200 (09/04/2018 to 13/04/2018)|
|Rank||Company||Change (%)||Rank||Company||Change (%)|
|1||Infigen Energy Ltd (IFN)||17.6||1||Nanosonics Ltd (NAN)||-7.4|
|2||Seven West Media Ltd (SWM)||13.7||2||Harvey Norman (HVN)||-5.2|
|3||Beach Energy Ltd (BTP)||10.1||3||Nib Holdings Ltd (NHF)||-5.1|
|4||Fletcher Building (FBU)||8.9||4||Galaxy Resources (GXY)||-4.3|
|5||Alumina Ltd (AWC)||8.4||5||InvoCare Ltd (IVC)||-4.1|
|Prepared by Canstar. Prices taken as of week to week close.|
Harvey Norman shares sink to 3-year low
One of the biggest ‘losers’ of the week was Harvey Norman, whose share price slid 5.2% to finish the week at $3.38 – its lowest price in over three years.
The multi-national retailer’s share price has now fallen over 26% since its February peak of $4.58, just before its disappointing half-year earnings report.
Disinfection specialists Nanosonics experienced the week’s biggest share price fall with a 7.4% slide, while health insurer NIB’s share price fell 5.1%.
Other large falls in share price were felt by lithium miner Galaxy Resources (-4.3%) and funeral operator InvoCare (-4.1%).