Sharewatch: Carlton Rises As Green Is Ousted
Carlton communications was the big story in the market yesterday as the it finally bowed to shareholder pressure and accepted that Michael Green should not take the role of chairman designate at the newly merger ITV plc. The stock was seen up 3.39%.
However, reports that Carlton directors have told shareholders they were wrong to force Green’s resignation and that non executive director Etienne de Villiers is considering stepping down may weigh on the stock today.
Elsewhere, the Independent group was in focus on reports that it is to go ahead with the sale of 13 of its greater London newspapers to Newsquest, despite a ruling blocking the sale of 10 other titles. The stock was seen stable at 123.5 Euros.
Broader market sentiment was lacklustre yesterday, despite a raft of solid earnings reports. Some analysts suggest that the value of company accounts have been so undermined by the illicit corporate accounting scandals which gripped Wall Street in the wake of the Enron scandal that earnings reports no longer have the power to direct the market.
The closing prices of media company shares on Tuesday were:
