Sharewatch: Cordiant In Focus On Debt Concerns

Cordiant Communications was seen in focus yesterday on reports that lenders might be asked to roll over the group’s borrowings. rather than write them down part of its £250 million debt. The stock was seen down 9.09%.

Meanwhile, Carlton and Granada were also seen under pressure on reports that United Business Media has distanced itself from speculation that it might make a bid for the ITV companies. The stocks were further dented by news that the Competition Commission might extend its 25 June deadline to assess the proposed £2.6 billion merger (see Competition Commission May Delay ITV Merger Verdict). The stocks were seen down 3.32% and 3.725 respectively.

Elsewhere, the newspaper sector was also seen in focus on news the high court has banned Express boss, Richard Desmond, from calling his new London paper the Evening Mail (see Associated Triumphs Over Desmond In Evening Mail Dispute).

Broader market sentiment was cheered by growing confidence in the economy and in Europe the FTSE Eurotop 300 index held onto levels last seen in mid-January, clearly above the narrow trading range of the previous two months.

The closing prices of media company shares on Wednesday were: