Sharewatch: Granada Falls On War Fears
Granada was seen in focus yesterday, down 2.27% as analysts continue to speculate on the effect that the Iraq conflict is having on advertising revenue. Some traders have claimed the “war effect” is already priced into the heavily discounted media sector but others are not convinced.
Stocks benefited from the upturn across European equity markets yesterday, which extended their rebound into a third consecutive day, following a heavy sell off on the outbreak of war.
Bearish sentiment was seen in the market on reports that Stephen Roach, Morgan Stanley’s chief US economist, has forecast a world recession in 2003. Roach points not only to the uncertainty of the war but the failure to find a cure for the deadly Sars disease, which is currently causing havoc in Hong Kong.
On a brighter note, top ranking media analyst, Louise Barton, won her discrimination claim against Investec Henderson Crosthwaite. On appeal it was found that her male colleagues received bonus payments which were almost twice hers. Equal Opportunities lawyers have declared the case a landmark claiming that employers “can no longer use the culture of secrecy to avoid equal pay obligations.”
The closing prices of media company shares on Thursday were:
