Sharewatch: Carlton Rises On Bullish Trading

The media sector experienced a positive day yesterday, as traders considered upbeat comments from advertising group Aegis, which claimed the market is in recovery. The positive sentiment pushed Carlton up 7.20%, while fellow ITV partner Granada was seen up 4.52%.

Elsewhere, the row over the levels of executive pay spread to the media sector as WPP moved to defend the three year contract of its chief executive, Sir Martin Sorrell. According to the Financial Times, Sorrell saw his total remuneration rise by more than 82% in 2002 to nearly £1.6 million. The stock was seen up 3.97%.

Emap was also in focus, up 2.97% after revealing that profits rose by 16% in the year to March 2003 to £175 million (see Emap Earmarks £23m For New Launches, Results In Line). The results were ahead of market expectations and predictions of 13% growth made by analysts at Lehman Brothers.

The closing prices of media company shares on Wednesday were: