Sharewatch: Granada Leads FTSE Recovery

Yesterday saw the FTSE 100 recover from one of the worst days in its history, regaining all of the losses that occurred on Wednesday due to continued uncertainly over war with Iraq.

Broadcasting giant Granada led the recovery, with shares increasing by 12.09%, following rumours that an unnamed outside party could be preparing to make a bid for the company. Prospective merger partner, Carlton, also performed well with stock improving by 7.3% to finish at 73źp.

Elsewhere, BSkyB was seen in focus following news that the BBC is ending its £85 million, five-year carriage agreement with the group (see BBC Terminates Sky Carriage Deal). The satellite operator saw shares climb by 6% yesterday to close at £5.83.

At the other end of the scale, Future Publishing saw stock slip by 1.96% to close at 50p, despite releasing a positive set of financial results earlier this week (see Future Network Moves Into Profit In 2002).

The closing prices of media company shares on Thursday were: