Sharewatch: Carlton Rises As Results Beat Expectations

Carlton was seen in focus yesterday, up 1.80%, after unveiling strong first half financial results that beat market expectations (see Carlton Results Push Shares Up As Profits Return).

Meanwhile, SMG suffered falling 6.83% after UBS Warburg reduced its pre-tax profit forecasts for the group, citing the weakness of the television advertising market. The note from UBS also claims that ITV could see July and August revenues down 5% on last year. The comments also pushed Granada down 4.78%.

Broader market sentiment remained bearish yesterday, despite guardedly optimistic comments on the economy from US Federal Reserve chairman Alan Greenspan.

All eyes will be on GWR today, following its decision to sell its stake in Vibe to Scottish Radio Holdings after its deal to acquire Galaxy 101 was blocked by the Competition Commission (see Competition Commission Blocks GWR’s Acquisition Of Galaxy 101).

The closing prices of media company shares on Wednesday were: