Sharewatch: Capital Slips Ahead Of Trading Update
Capital Radio was seen under pressure on Monday, ahead of its forthcoming trading update. Investors are not expecting much good news with regard to advertising revenues at the group, but analysts have claimed that rumours of takeover bids from the likes of Clear Channel and Viacom may provide the stock with a much needed boost. The stock was seen down 1.71%.
Many London media stocks appeared to be sharply weaker yesterday after unexpectedly strong resistance from Iraqi forces and a speech from Saddam Hussein dashed hopes of the ‘short and sharp’ conflict desired by traders. ITV partners Carlton and Granada were among the worst hit, with stock clipping by 8.33% and 8.78% respectively.
WPP was also seen under pressure, down 4.43% on concerns the conflict in Iraq will exacerbate the advertising recession.
The closing prices of media company shares on Monday were:
