Sharewatch: BSkyB Seen In Focus Over Executive Pay

BSkyB was seen in focus yesterday with shares rising by 0.98% despite reports the satellite broadcaster is preparing itself for further upset after the departure of its chief finance officer, Martin Stewart.

It is understood that the National Association of Pension Funds, which controls a quarter of the stock market, has written to the company asking for further details about the potential payoff for Stewart, who stepped down last week (see BSkyB Loses Stewart As Chief Finance Officer).

Meanwhile, ITV was was lifted 1.83% higher after former chief executive of Vodafone, Sir Christopher Gent, declared his interest in becoming the next chairman of the newly merged company (see Gent Declares Interest In Becoming ITV Chairman).

However, the best performance in yesterday media market came from Highbury House, which improved by 5.75% after revealing earlier this month that trading in the last two months of 2003 had been in line with expectations (see Highbury House Profits In Line With Market Forecasts).

The London market rose higher yesterday as strength in cyclical stocks outweighed defensive weakness. The FTSE 100 closed 0.7% stronger at 4,434,4 and the FTSE 250 ended 0.6% better at 6,133.5. The market also considered forecasts from Initiative Media that UK advertising growth is set to outpace economic growth this year (see UK Advertising To Outpace Economy In 2004).

The closing prices of media company shares on Monday were: