Sharewatch: Chrysalis Beats Market Slump
Chrysalis was seen in focus yesterday, up 3.10%, beating the broader market slump as traders believed weakness in the broadcast advertising market is already priced into the stock.
However, the big news in the sector came from the US where a court blocked plans to relax America’s media ownership laws, scuppering the plans for media conglomerates such as Rupert Murdoch’s Fox Network to swallow up its smaller rivals.
The decision of the Philadelphia judges came as a surprise to media watchers as the FCC’s proposals to relax the legislation was approved in June by the five-man committee, headed by Republican Michael Powell, son of secretary of state, Colin. The move has been welcomed by campaigners for the freedom of the press and journalists’ unions.
Broader market sentiment was seen weakened yesterday following strong gains earlier in the week. Media stocks failed to gain momentum and an unexpected rise in US first time jobless claims were seen weighing in on positive sentiment, despite analysts continued belief that we are in the midst of a ‘jobless recovery’.
The closing prices of media company shares on Thursday were:
