Shares in Australia's TV networks are roaring higher

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Shares in two of Australia’s listed media networks are on a tear in afternoon trade.

Nine Entertainment (NEC) was up by 8.64%, while shares in Seven West Media had rocketed 11.82% higher at 2pm (AEDT).

Seven West gave investor presentation at the annual Macquarie Conference, the biggest broker conference in Australia, earlier today.

The slideshow included an advertising market outlook, which showed the free-to-air TV market for Australian metro areas grew by 3.1% in dollar terms in the March quarter.

That followed growth of 1.4% in the December half, with Seven West forecasting growth of between 1% to 3% in the 2018 financial year.

The projected increase follows an extended period of declining audience market share for free-to-air networks, amid the growth of subscription-based streaming services and Pay TV.

Elsewhere on the ASX, it’s been another strong day for local stocks with the ASX pushing towards a gain of 1%.

The gains counter another weak lead from US markets, as the S&P500 slumped after the US Fed confirmed it was on track for at least two more rate hikes this year overnight.

Yesterday saw the ASX close at a two-month high above 6,000, and gains have been extended across all major sectors.

The ASX200 financials index is up 0.62%, with all of the big banks higher except for NAB which is down more than 0.7% after reporting a fall in cash earnings this morning.

Materials are up by more than 1% with all of the big miners higher, while retail stocks are performing strongly with Super Retail Group up more than 8% in afternoon trade.

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