Sharewatch: INM Inches Up Following Results

Independent News & Media was seen in focus yesterday, up 0.93% after delivering an up-beat trading statement, which revealed the group is on target to deliver an encouraging set of interim results (see INM Reports Strong Start To Year).

Elsewhere, Reuters was seen under pressure, down 3.97% as profit takers moved in despite posting a gain of 73% in the second quarter.

WPP was also in the spotlight as investors continued to revolt against “fat-cat salaries” and chief executive Sir Martin Sorrell’s three year remuneration package. Last night WPP declared its offer for Cordiant “final”, dashing the hopes of shareholders who expected it to improve its bid for the troubled advertising group (see WPP Raises Stakes In Cordiant Tug Of War). The stock was seen up 0.42%.

Media analysts and investors are seen anxiously awaiting tomorrow’s vote in the House Of Lords, where crucial parts of the Communications Bill, including the so-called “Murdoch clause”, will be put to the vote (see Government Almost Certain To Accept Puttnam Proposal). Reports suggest that Lord Puttnam has failed to secure an agreement with the Government over his proposed amendments to the Communications Bill, which may well be halted.

The closing prices of media company shares on Monday were: