Sharewatch: BSkyB Dips As Chief Financial Officer Departs

BSkyB was seen in focus yesterday with shares dipping by 1.86% after chief financial officer, Martin Stewart, announced his intention to quit the company just months after losing out to James Murdoch in the race for the chief executive’s position (see BSkyB Loses Stewart As Chief Finance Officer).

Stewart was beaten to the helm of the satellite broadcaster last year by the youngest son of News Corporation chairman, Rupert Murdoch, who ignored fierce shareholder opposition to the appointment (see Murdoch’s Son Lands Top Job At BSkyB).

The newly merged ITV company saw shares dip by 5.26% yesterday following a bout of profit taking. The broadcaster could also struggle to benefit from any advertising upturn, with the terms of its merging barring it from raising ad rates unless its improves its market share (see ITV Enters New Phase With Merger Completion).

Meanwhile, Reuters rose by 3.13% to a twenty-month high amid talk it was planning to sell ORT, its French financial information provider, to focus in its core business. Impending results could also be upbeat with US and European banks reporting stronger results and trading volumes in financial markets.

The broader market was defensive yesterday as London blue chips recorded modest gains. The FTSE 100 added 0.2% to close 4,398.5 and the FTSE 250 dipping by 0.6% to finish at 6,010.9.

The closing prices of media company shares on Wednesday were: