Sharewatch: Cordiant Down But Talks To Begin With WPP
Week on week analysis of the media sector reveals a fall of 3.45% for Cordiant Communications, which has been in crisis after losing one of its key clients (see Cordiant Bounces Back As Short-Term Funding Is Agreed). However, things could be looking up for the troubled advertising group, which is today expected to announce that it has entered extensive negotiations with WPP on a possible takeover.
Ulster TV was also in the spotlight with shares rising 3.99% week on week after announcing it remains on target to out perform ITV powerhouses Carlton and Granada. In ‘challenging’ conditions, the Northern Ireland broadcaster saw revenues rise by almost 5% last year, as against a 1% decrease across the entire ITV network (see Ulster TV Outperforms ITV In First Quarter).
Meanwhile, SMG saw stock remain stable at 77˝p after the group’s chairman Don Cruickshank, urged caution about the remainder of the media group’s year (see SMG Sees No Material Advertising Recovery Until 2004).
Broader market sentiment was seen up last week as trading volumes on the London Stock Exchange reached all time High as bullish sentiment returned to equity markets. According to analysts from Deutsche Bank, some fund managers and insurance companies are re-positioning their defensive positions in line with more positive market movements.
The closing prices of media company shares on Friday were:
