Sharewatch: Cable & Wireless Slips After Downgrading

Telecoms group Cable & Wireless slipped 2.01% to 134źp following rumours that a round of institutional presentations was not being received well, leading broker Cazenove to downgrade the company’s stock.

ITV took the biggest tumble of the day, falling by 2.21% to 132žp following news yesterday that three former Carlton directors could be ousted from the board by a group of shareholders angry over the £15 million payoff given to Michael Green (see Former Carlton Directors Could Be Ousted From ITV Board).

Conversely, Taylor Nelson Sofres fared well, climbing 2.58% to 219p following the announcement that pre-tax profits at the global market research company had jumped by 33.8% to £65.3 million during 2003 (see TNS Sees Profits Jump In 2003 After NFO Acquisition).

A quiet day’s trading yesterday was interrupted only by rumours surrounding fresh bids for mobile phone giant, MM02, by Dutch telecoms group KPN. The FTSE 100 closed up 0.2% at 4,553.8 while the FTSE 250 finished 0.5% higher at 6388.8.

The closing prices of media company shares on Monday were: