The UK stock market continued to struggle yesterday after Tuesday’s terrorist attack on America left the FTSE 100 at its lowest point for over a decade. Media shares showed vague signs of recovery in the aftermath of the tragic event.
SMG, which became the latest broadcaster to be affected by the advertising down turn announcing a drop in pre-tax profits of 33.7% earlier in the week (see SMG Profits Stung By Ad Slowdown), continued to see shares fall yesterday. Stock was down 1.08% to finish at £1.37˝, a loss of 1˝p on the previous day.
BSkyB, which is rumoured to be in talks with Channel 5 about the possibility of acquiring a stake in the company (see BSkyB To Buy Into Channel 5?), showed modest signs of recovery in the turbulent market. Shares rose 2.13% to close at £6.70, an increase of 14p on the day before.
Maiden was the worst media performer in yesterday’s market with shares slipping 5.84% to finish at £3.62˝, 22˝p worse of than the previous day.
The closing prices of media company shares yesterday were:
