The turbulent effects on TMT stocks of Intel’s profit warning on Friday (see Sharewatch) appeared to have subsided somewhat yesterday, with many media shares remaining steady.
An increase in share price was recorded at Telewest, which rose 7p during the day to end at £1.44. Cable & Wireless also did well, ending up 47p at £9.67, while Capital rose 40p to £16.27½ and SMG was up 10p at £3.07½.
The only significant fall was seen at Granada Media, which ended down 20p at £5.53, despite the recent resolution of the ITV/ITC News at Ten conflict, which has resulted in increased prime time advertising minutage (see News At Ten To Return To ITV).
The closing prices of media company shares yesterday were:
