Media Stocks experienced heavy losses on Monday, falling victim to the broader volatility as World markets plummeted.
Corporate profit woes, weakness in the UK insurance sector and the continued threat of military action in Iraq weighed on sentiment. Wall Street experienced its worst quarterly performance since the stock market crash of 1987 and the FTSE 100 fell 5%. Analysts have warned this downward trend will continue.
Embattled telcom group, Telewest, remained in focus after reaching a preliminary agreement with bondholders to eliminate £3.5bn of debt. The stock was steady at 0.75p
Elsewhere, SMG fell 3.21%, despite news that Independent News & Media has emerged as a candidate to buy the Scottish Herald stable of titles in Glasgow.
The closing prices of media company shares on Monday were:
