Sharewatch: GWR Rises Following Optimistic Results
GWR Group, owner of Classic FM, saw shares rise by 2.23% rise yesterday to close at 275p. The increase follows the announcement that revenues for the group’s financial Q4 will be up by 7%, with national spend jumping by 13% year on year (see GWR Sees Radio Revenues Up By 8% In 2003).
Healthy trading in media stocks saw Cable & Wireless rise by 6.95%, reversing a recent slump caused by concerns over the group’s poor performance in the UK. Shares settled at 130žp, a rise of 8˝p in real terms.
Ulster TV saw the only percentage drop yesterday, dipping by 0.12% to rest at 427˝p in a day of otherwise positive trading for media companies. Earlier this month the Irish broadcaster announced good performance, continuing to outperform ITV in terms of advertising in 2003, with its revenues rising by 2.1% whilst ITV’s fell by 3.4% (see Ulster TV Sees Airtime Revenues Up 10% In Q1 2004).
London blue chips made good progress yesterday, notching up their best one-day gain in five weeks. The FTSE 100 broke free of a three-day losing streak, rising by 1.5% to 4,373.6. The FTSE 250 also rose, climbing 1.1% to 6,217.9.
The closing prices of media company shares on Thursday were:
