Sharewatch: Cordiant Improves On Take-Over Speculation

Cordiant Communications, the troubled owner of the Bates Worldwide advertising network, was seen in focus yesterday after confirming that a partial break-up of the group is underway, beginning with its Australian operations. The stock was the media sector’s biggest riser, seen up 5%.

Elsewhere, Reuters was under pressure after Deutsche Bank slashed its profit forecasts for the group, warning that revenues may not recover until 2005. The stock was seen down 4.71%.

Capital Radio was also in the spotlight after UBS Warburg upgraded the stock to buy from neutral, with a 500p price target on valuation. The stock was seen up 0.62%.

The closing prices of media company shares on Tuesday were: