Sharewatch: Wireless Group Rises Following Optimistic AGM

Kelvin MacKenzie’s Wireless Group saw a healthy 3.93% rise yesterday following an optimistic AGM statement listing the company’s successes over the past year, as well as predicting a positive twelve months ahead.

The radio group revealed that second quarter revenues had risen by 36% year on year, while the Euro 2004 championships had boosted its talkSPORT radio station revenues for the quarter by 40%, with a massive 87% increase in June alone (see Euro 2004 Helps Profits Surge By 40% At Wireless Group).

Elsewhere, broadcaster ITV fell by 1.81% to 108žp. Yesterday the company confirmed it was seeking new spin-off soaps and dramas to fill its tea-time schedules. The broadcaster is understood to have commissioned scripts from programme maker Thames Television for a Bill spin-off entitled Sun Hill General, following falling ratings in its 5pm – 6pm timeslot (see ITV Planning Soap Spin-Offs To Boost Autumn Schedule).

Advertising giant WPP also struggled, losing 1.96% as reports indicated an imminent deal to acquire outdoor specialist Poster Publicity. It is believed that the move will allow WPP to create a new global poster buying entity (see WPP To Create Global Outdoor Buying Specialist).

The FTSE 100 index closed up 0.5% at 4,381.1, with the city breaking its losing streak for the first time in eight days. The FTSE 250 closed down 0.5% at 6,088.2.

The closing prices of media company shares on Thursday were: