Sharewatch: Radio And Internet Groups Rise

A poor day’s trading left many media stocks floundering yesterday, with only internet and media shares making significant headway. Cable & Wireless made one of the largest rises and boosted share price by 3.04% to 127źp.

Radio stocks also saw an increase with SMG adding 3.07% to rise to 117˝p, while Chrysalis climbed by 0.11% to close at 18˝p. Elsewhere, Guardian Media Group Radio announced that national airtime revenues have grown by 86% in the last year, pushing annual turnover up by 61% (see Exceptional Revenue Growth Reported At GMG Radio).

Advertising giant WPP saw a poor day’s trading, dipping by 0.26% to 586˝p, however, rival advertising company Omnicom announced that net income for Q1 2004 had increased by 17% to $135.6 million from £115.5 million for the same period last year.

The FTSE 100 closed up by 0.1% yesterday at 4,575.7 while the FTSE 250 dipped by the same ammount, falling slightly to 6,362.2.

The closing prices of media company shares on Tuesday were:

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