Sharewatch: Trinity Mirror Holds Firm Following Results
Trinity Mirror, the UK’s largest newspaper publisher, was in focus yesterday after announcing that advertising revenues are showing signs of stabilisation, whilst national revenues remain difficult and volatile. The stock held firm at 533p (see Trinity Mirror Sees Weak National Revenue).
Independent News & Media was also in the spotlight with shares dipping by 10.5% after announcing plans to is to sell its London regional newspaper businesses to Archant Regional for £62 million (see Trinity Mirror Sees Weak National Revenue).
At the other end of the scale Kelvin MacKenzie’s Wireless Group improved by 3.39% to close at 95˝p, in what was the best performance in yesterday’s media market. The radio group plans to take RAJAR to court next month over its decision not to endorse the electronic measurement of radio audiences (see MacKenzie Sets Date For RAJAR Court Battle).
Broader market sentiment was subdued yesterday as London blue chip stocks lost ground following the dollar’s continued weakness. The FTSE 100 was down 0.1% at 4,331,3.
The closing prices of media company shares on Thursday were:
