Sharewatch: Capital Radio Boosted By Advertising Optimism

Capital Radio was seen in the spotlight yesterday with shares rising by 9.03% despite the announcement that revenues were down by 3.9% and pre-tax profits off by 18.0% in the twelve months to September.

However, the group says it is now seeing signs of slight improvement in the UK advertising sector and chief executive, David Mansfield, claims there is greater visibility and positive revenue growth is forecast for the current quarter (see Weak Ad Conditions Push Capital Radio Profits Down 18%).

Meanwhile, BSkyB was in focus up 1.33% amid reports that it will today defy calls from disaffected shareholders to make big corporate governance changes following the controversial appointment of James Murdoch as its new chief executive (see BSkyB Coronation Could Cause Disruption).

ITV Partners, Carlton and Granada, rose by 0.95% and 1.10% respectively after the broadcasters revealed they have appointed a headhunter to find an independent non-executive chairman for the group that will result from their completed £4.5 billion merger (see ITV Plc Appoints Headhunter To Find New Chairman).

Broader market sentiment was fairly static yesterday as Wall Street traded lower. However, the FTSE 100 ended 1.8% points firmer at 4.373.

The closing prices of media company shares on Thursday were: