Shares of Hakuhodo and Dentsu stock went on another wild ride in Friday trading in Tokyo, following the steepest day of global stock market losses seen in decades. Dentsu shares dropped as much as 8% in the morning before closing down 5.3%. Hakuhodo stock was even more volatile, plummeting 10% before ending the day 4.3% lower.
The US Dow Jones Index plunged 10% on Thursday, marking its biggest one-day drop since Black Monday in 1987, and advertising holding companies were not immune.
In New York, Interpublic shares fared the worst, plunging 15.3% on Thursday while Omnicom stock dropped 9.2%, the least of all the big firms. In London, WPP shares fell another 13.2%, while Publicis stock dove another 15% on the Paris Euronext exchange in what has been an atrocious month for shareholders.
While energy, transportation and hospitality stocks have been among the hardest hit, shareholders in the big ad holding companies have seen their positions lose nearly half their value in some cases over the past month.
Dentsu and WPP shares have lost the most value among peers in the last month, cratering 45% and 43% respectively. Publicis, Hakuhodo and Interpublic have all been hit in a range of 38%-39% while Omnicom has been the least scathed so far, but still down a whopping 29%.
Editor's note: This article has been updated to acknowledge closing prices in Tokyo trading on Friday.