Sharewatch: Capital Sees Stock Fall After Poor Results

Capital Radio was seen in focus yesterday after predicting a 3% decline in radio revenues in the three months to March 2003, following a 6% drop in the final quarter of last year (see Capital Sees Revenues Down 5% In First Half). The stock was seen down 7.56%.

Elsewhere, investors considered news from Independent News & Media, which posted a positive set of financial results for 2002, with like-for-like pre-tax profits rising by 8% to €129.0 million (see Independent News & Media Sees Profits Rise By 8%). The group also announced plans to sell off its regional newspapers and hold a rights issue in a bid to raise cash. The stock was seen down 4.27%.

Wednesday was a mixed day of trading for the media sector with low volumes, as many traders retreated to the sidelines awaiting a clearer picture of the military campaign in Iraq.

The closing prices of media company shares on Wednesday were: