What does Prime Media Group Ltd do?
Prime Media Group Ltd [ASX:PRT], is engaged in the provision of free to air commercial television broadcasting services, operating in regional Australia.
Reaching a potential audience of over 5 million people, PRIME’s viewing area covers regional northern and southern New South Wales, the Australian Capital Territory, Victoria, the Gold Coast area of south eastern Queensland and all of regional Western Australia.
The last significant announcement to the market from this company was the half yearly report. The report was upbeat, suggesting continued growth in its audience and advertising revenues.
That’s interesting, but what is the chart telling you?
What is the chart telling you?
I personally find it helpful to bring up a chart. Here’s the daily chart of PRT:
The stock was down further today, making new lows. We could expect news of softening advertising revenues to come from this company.
What now for PRT shares?
The chart is not suggesting cause for optimism. This one is best left to the bargain hunters. This just adds to my previous postings, on the Nine and Seven Networks, which suggests falling advertising revenues for free to air television. Regional Australia is no exception it seems.
We could expect to read in the papers several months hence on how free air television is losing market share to the internet. This is a trend which will only continue.
Start to read the market through the charts. You get your news well before reading it in the papers. To get started on reading the economy through the charts go here.
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