Sharewatch: WPP Rises As Cordiant Saga Nears End

WPP was seen under pressure yesterday, up 0.88% as it prepared for a showdown with investment fund Active Value over troubled advertising group Cordiant Communications, which is now delisted.

Elsewhere, Reuters was seen under pressure, down 7.91% after delivering a poor set of results (see Reuters Moves Into Profit As Savings Plan Pays Dividends).

The Guardian Media Group was also in the spotlight after reporting that pre-tax profits more than tripled to £36.9 million, after a recovery in the advertising market.

Broader market sentiment was mixed yesterday, as traders anxiously await results from key companies in the weeks ahead. However, Wall Street experienced a slight surge on news that US forces in Iraq have killed Saddam Hussein’s two sons.

The closing prices of media company shares on Tuesday were: