Sharewatch: Profit Takers Swoop On Key Media Stocks

Profit takers left their mark on the media sector yesterday as they moved in on a key stocks. WPP, the global advertising and marketing network, was amongst the worst hit with shares dipping 2.56% to close at 590p. The newly merged ITV was seen down by 2.16% to finish at 136p.

Traders also moved on Reuters, which reached an eighteen-month high on Monday ahead of what is expected to be a strong set of results next week. Shares dipped by 3.96% to close at 339˝p.

The strongest performance in yesterday’s media market came from SMG, which rose by 1.21% to finish at 125p. The radio group recently sold its 27.8% stake in Scottish Radio Holdings to Emap for £90.5 million in a deal that will allow it to reduce its mounting debt burden (see SMG Sells Radio Stake To Reduce Mounting Debts).

London stocks dipped yesterday as weakness in BP and profit taking in media outweighed strength among industrial stock. The FTSE 100 was seen down by 0.7% at 4,404.9 and the FTSE 250 dipped by 0.3% to finish at 6,118.2.

The closing prices of media company shares on Tuesday were: