Most media share prices remained relatively stable last week. The only major fluctuations were due to companies releasing financial results.
BSkyB for example had risen 4p to 537p on Monday in anticipation of the results it was releasing the next day. In the event however, despite announcing a 66% increase in profits *(Newsline 20/08/96), its price fell 2p. This was probably due to a final dividend of 5.5p, which was a penny below market forecasts. Its price soon recovered however, rising 10p on Thursday due to a favourable market report by NatWest Securities. On Friday a further boost was delivered on news that BSkyB would be offering access to the Internet through conventional TV sets – its price rocketed 21p to 578p.
Rupert Murdoch’s News Corporation issued financial results on Thursday. News International, the company’s UK arm, posted a reduction in pre-tax profits, though operating profit rose by 25% and turnover increased to £1bn *(Newsline 22/08/96). As a result, News International’s price rose 17p to 363p.
* MediaTel subscribers only
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