Sharewatch: Mixed Results For Radio As Market Falters

Following a strong performance by most media stocks on Wednesday the market slowed yesterday, with many companies slipping back into negative percentage growth. Radio stocks saw mixed trading with Capital experiencing a 1.39% dip to 461p following modest revenue improvements announced in the company’s first half results (see Modest Revenue Improvements For Capital Radio).

Elsewhere, rivals Scottish Radio Holdings saw an increase of 0.67% after announcing a 10% increase in group revenue in its first half results (see Strong Radio And Press Revenue Spur On Profits At SRH).

ITV suffered a 0.21% dip yesterday ahead of news that chief executive Charles Allen will present the company’s future strategy at a crucial board meeting next week. The move follows calls for clarification over ITV’s plans for competing in the digital age.

The FTSE 100 closed down nearly 1% yesterday at 4,428.7 while the FTSE 250 dipped by 0.8% to 5,978.6.

The closing prices of media company shares on Thursday were:

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