Sharewatch: Chrysalis Strong In Slow Day For Media Stocks
The majority of media stocks suffered a decline in share price yesterday, with only a handful of companies nudging into positive growth. Radio group Chrysalis was the day’s best performer with shares rising by 1.57% to close at 177žp.
The radio group recently announced plans to increase the adspend for its Heart 106.2 station by around 20%, revamping its image to take on rival Capital 95.8 in London and reclaim its crown as the capital’s most popular station (see Heart Pumps Up Adspend To Take On Capital In London).
Elsewhere, UBC Media managed to avoid the downturn, remaining stable at 21˝p. Last week saw the company confirm its intentions to work with Channel 4 on a digital radio station, to be developed from its existing oneword service (see UBC Announces Plans For Radio With Channel 4).
BSkyB‘s share price continued to seesaw, dropping 2.15% yesterday to close at 478p. Last week the satellite broadcaster unveiled a family-friendly autumn schedule and a revamped logo for its flagship entertainment channel, Sky One (see Sky One Gets Facelift In Time For Autumn Schedule).
The FTSE 100 fell for the first time in eight consecutive trading sessions yesterday, losing 0.7% to close at 4,459.3. Meanwhile the FTSE 250 rose by 0.01% to close at 6,087.3 despite reduced trading due to the end of the holiday season.
The closing prices of media company shares on Tuesday were:
