Sharewatch: BSkyB Shares Fall As Investors Pull Out

Satellite broadcaster BSkyB saw its share price take a battering yesterday, as a single institutional investor in the US sold 7.1 million shares. The shares represent 0.4% of the company’s total equity and are understood to have been sold on the instruction of broker Collins Stewart.

Investors have become increasingly twitchy surrounding the broadcaster after fears that new boss James Murdoch is failing to outline a clear strategy for the company’s future. The company closed down 0.75% yesterday at 596p.

Elsewhere, Daily Mail & General Trust saw a rise of 1.25% to close at 690p ahead of interim results reporting a strong half year. The company saw pre-tax profit of £107.3 million for the six months to 4 April, an increase of 29% compared with the same period last year.

Advertising giant WPP was also upbeat, with chief executive Sir Martin Sorrell predicting an upturn in the industry, stating prospects were ‘good and getting even better’. The company’s annual report also revealed success for the firm, seeing revenues increase by 5.1% to £4.1 billion. However, despite an abundance of optimism the company closed down 0.28% at 539p yesterday.

The FTSE 100 remained steady yesterday, barely changing at 4,422.8 while the FTSE 250 climbed by 0.4% to 6,050.2.

The closing prices of media company shares on Wednesday were:

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