Sharewatch: Cordiant Rises On Active Value Success

Troubled advertising group Cordiant was the sector’s big mover yesterday, up 9.09% on reports the proposed take-over bid from WPP may be halted (see WPP Seals £266m Cordiant Takeover). Yesterday majority shareholder, Active Value, succeeded in gaining control of more than one quarter of the group’s shares and is set to block the deal (see Active Value Takes 25% Of Cordiant Shares).

Elsewhere, Cable & Wireless was seen in focus, up 6.86%, on news that it had sold its French internet arm to Italian company Tuscali. Traders greeted the move as a signal that the group is actively refocusing its operations.

Broader market sentiment was bearish yesterday after the US Federal Reserve delivered its widely expected 25 basis point interest rate cut.

The closing prices of media company shares on Wednesday were: