Sharewatch: Cordiant Plummets In Wake Of Client Loss
Monday’s big market story was Cordiant Communications, which fell 64.55% after Allied Domecq, one of its largest clients, terminated its contract with the advertising group. This has thrown in to disarray an agreement the company had made with its lenders and analysts have warned that it may go into administration (see Cordiant Shares Nose-Dive As Major Client Walks).
On a brighter note, WPP was seen up 4.65% after analysts made positive comments over its recent first quarter figures and news it has secured the £214 million Burger King account (see WPP Sees Weak UK Revenues, But Improving Outlook).
Investors continued to show nervousness over the effects of the Sars virus on the already ailing economy. However, the World Health Organisation yesterday declared Vietnam to be the first country to have officially contained the virus. The organisation also claimed the impact of the virus has peaked in Hong Kong, Singapore, and Canada.
The closing prices of media company shares on Monday were:
