After the global advertising downturn forced SMG to announce 95 cost cutting redundancies last week (see SMG Makes 95 Cost-Cutting Redundancies), shares rose 6.61% yesterday to finish at £1.21, in what was one of the best performances in yesterday’s media market.
Jazz FM, which recently reported its first full year’s profit (see Jazz In Profit For First Time) saw a 23% increase in reach period on period at its London station, according to last week’s RAJAR figures. Shares rose 2.51% to close at £1.22˝, up 3p on the previous day. Capital, whose stations also performed well in last week’s RAJAR release (see Newsline), saw shares climb a modest 0.34% to finish at £7.32˝, an increase of 2˝p on the day before.
The closing prices of media company shares yesterday were:
