Sharewatch: Capital Rises Despite Profit Taking
Capital Radio was seen in the spotlight yesterday, up 2.06% despite widespread profit taking following yesterdays surge in the market.
Elsewhere, Pearson fell 2.19% as investors considered its high US – exposure in the light of continued weakness in the dollar.
The media sector also digested news from Merril Lynch, which revealed major media advertising pacing in the US are looking fairly weak for the fourth quarter, although the outlook for 2004 is still positive.
Broader market sentiment was dented as investors pulled back after Wall Street reached its highest close for over a year on Monday. The dollar’s weakness was exacerbated by initial reports of an aircraft crash in Long Island, which turned out to be an accident. The rumour’s effect on the market served as a reminder once again of the continued jitters over terrorist attacks.
The closing prices of media company shares on Tuesday were:
