Sharewatch: Johnston Inches Up Ahead Of Good Results

A day of mixed trading in media stocks yesterday saw a handful of companies making headway. Johnston Press was one of the few to nudge into positive percentage growth, climbing 0.49% to close at 509p ahead of results due today expected to show a rise in turnover and profits.

Emap also rose, climbing 1.23% to 865˝p following yesterday’s announcement of a £2 million cross media sponsorship deal with Nestlé encompassing every aspect of the media owner’s portfolio for the next year and a half (see Emap Signs Smarties For School Tour Sponsorship).

Meanwhile, Kelvin MacKenzie’s Wireless Group remained steady, sticking at 110p after the group yesterday announced legal proceedings against radio audience research body RAJAR. MacKenzie is claiming damages of £66 million, claiming RAJAR’s electronic measurement tests were “flawed” (see MacKenzie To Claim £66 Million In Damages From RAJAR).

Many City traders were operating with half their usual staff numbers yesterday, as dealers took the day off to enjoy horse racing at Cheltenham. Despite the low staff levels a healthy 3.1 billion shares changed hands, with the FTSE 100 closing up 0.4% at 4,428.9 while the FTSE 250 dipped by 0.2% to 6,159.4.

The closing prices of media company shares on Tuesday were: