Sharewatch: Chrysalis Tumbles After Poor Day’s Trading
A poor day of trading yesterday saw falls in share price for all but six of the main media stocks, with Chrysalis suffering most. The radio group dropped 4.53% to rest at 216p despite the announcement of a six-figure advertising campaign between London-based LBC 97.3 FM and the Singapore Tourism Board (see LBC Secures Deal To Promote Singapore Tourism Board).
Emap also saw a fall of 0.23% to 869˝p after announcing plans to close its veteran teenage magazine J-17 and suspending publication of style bible The Face . This morning Emap announced a 4% rise in consumer magazine advertising revenues for the year ending 31 March 2004 and a 2% increase in consumer magazine copy sale revenues.
Amid a troubled day’s trading Ulster TV held its ground, remaining unchanged following good performance last week and results showing a 2.1% rise in revenues (see Ulster TV Sees Airtime Revenues Up 10% In Q1 2004).
Events in Gaza City and the continuing fear of terror attacks similar to those seen in Madrid last week led to a difficult day in the City. The FTSE 100 closed down 1.9% at 4,333.8 while the FTSE 250 fell by 1.7% to 6,132.5.
The closing prices of media company shares on Monday were:
