Sharewatch: Capital Rises As Tarrant Vows To Stay

Capital was seen in focus yesterday, up 4.40%, after high-profile DJ Chris Tarrant confirmed he has no plans to leave the station this year or in 2004. Analysts at Morgan Stanley estimate Tarrant’s breakfast show contributes 15% of total group revenues at the station (see Good News For Capital As Tarrant Plans To Stay).

Elsewhere, WPP was seen in focus after its largest client, Ford, said it was cutting 20% of its overhead costs over two years. The stock was seen down 8.24%.

Market euphoria over coalition “successes” in the Iraq War gave way to bearish sentiments over the broader market economy. Interestingly, some strategists are claiming that a US victory could see Iraq pull out of OPEC, which would see oil prices plummet and cause a huge turbulence in the markets. This could have a detrimental effect on world growth, not to mention huge environmental consequences.

The closing prices of media company shares on Tuesday were: