Sharewatch: Carlton Rises As Bargain Hunters Move In
Carlton was seen in focus yesterday, up 10.71% on heavy trading, as bargain hunters moved in after the stock’s recent price weakness. Analysts claim that the expected loss of ad revenue as a result of the Iraq conflict is already priced into the stock.
On the corporate news front, Emap announced the proposed acquisition of Excelsior, the French publisher, in a deal worth €90 million (see Emap Raises Profile With French Acquisition). The market welcomed the move and the stock extended gains by 4.01%.
Meanwhile, Cable & Wireless named Francesco Caio as its new chief executive and the stock rose 11.97%.
Elsewhere, Reuters was seen in focus on reports that the group is facing a further shareholder revolt over part-time chairman, Sir Christopher Hogg, receiving a £1.8m pension. The stock climbed 3.38%.
The closing prices of media company shares on Wednesday were:
