COVID-19 wreaks havoc on the ASX, SCA & Pacific Star to extend halts

COVID-19 has wreaked havoc on the Aussie share market.

Southern Cross Media has just extended its voluntary suspension on the ASX, as the company continues its assessment of the true financial impact of the coronavirus.

The radio, television and digital business has also negotiated some short-term compromises with its workforce to secure its future and this of its employees.

It’s the second extension by SCA after first announced a trading halt on March 23.

“SCA now expects that it will be in a position to make an announcement to inform the market about these matters before commencement of normal trading on Wednesday, April 8.”

The Pacific Star Network has also today requested a further two-week extension to its trading halt, announced on March 18.

“With the continued uncertainty surrounding the AFL and NRL season, restrictions on event gathering and the economic impact on advertisers, which are core to the PNW business, PNW is reviewing its staffing structure and working with its clients, sporting bodies. Financier and suppliers to reach a position to inform the market.”

The network, which controls Crocmedia and 1116 SEN, will provide an update on April 17.

These two players are not alone in feeling the COVID pinch.

Nine Entertainment withdrew its profit guidance and Here, There & Everywhere have also been shaky, propped up somewhat by a share buyback.

SCA, Pacific Star and Nine will also each take a hit after the AFL and NRL seasons were officially put on hiatus last week.