Sharewatch: Capital Falls On Negative Forecasts

Capital Radio fell 2.97% yesterday after Bridgewell Securities cut profits and earning forecasts for the group ahead of the release of tomorrow’s RAJAR results for the three months to June 2003, which it expects to be disappointing.

UBM was also seen in focus, up 14.72% after posting a 12% rise in pre-tax interim profits to £45.5 million in its first half results, which were above analysts expectations (see UBM Profits Rise 12% In H1, Ahead Of Expectations).

Broader market sentiment was mixed yesterday following a sharp drop in US consumer confidence, dampening expectations that the US economy is poised to make a strong recovery.

Consumer outlook in the UK is also looking increasingly bleak as reports reveal that Britons took on record levels of debt in June, taking total household debt to £878 billion, equivalent to about 120% of disposable income.

The closing prices of media company shares on Tuesday were: