Sharewatch: Carlton And Granada In Charm Offensive
Carlton and Granada again took centre stage as the seemingly endless merger saga limps towards a conclusion. The Guardian reports the companies have dispatched senior non-executives to a series of meetings with city investors in an attempt to dampen concerns over the boardroom structure of the enlarged companies. Carlton and Granada stocks were seen up 0.26% and 0.78% respectively.
The Telegraph was seen under pressure after parent group, Hollinger recieved a four notch downgrade from Standard and Poors. The move is likely to lead to an increase in the group’s borrowing costs.
Media watchers also had to react to news from the US where AOL Time Warner executives, including Ted Turner and Richard Parsons, have been accused of insider trading. The company is also undergoing investigation for alleged accounting irregularities.
The market will today digest bad news from the British Retail Consortium. Annual retail sales growth slipped to 2.1%, as consumers sat glued to television coverage of the Iraq conflict. The slowdown may also be linked to the massive build-up of consumer debt over the past two years. However, bullish analysts claim the late timing of Easter may be distorting the figures.
The closing prices of media company shares on Monday were:
