Sharewatch: Cordiant Rises On Independent Investment

Cordiant was the sector’s big mover last week, up 36.36%, after it was revealed that a Syrian billionairess is the independent investor who recently purchased a 2% stake in the troubled advertising group. The private investment, alongside that of leading shareholder Active Value may scupper WPP’s takeover bid for the group(see Endgame No Clearer As Chess Fan Makes Move On Cordiant)

At the other end of the scale, SMG was under pressure, down 10.30%, following broker downgrades. These came despite the news that Chris Evans had lost his multimillion pound claim for damages against Virgin Radio, after the station sacked him from his breakfast show in June 2001 (see SMG Triumphs Over Evans In High Court Battle).

Broader market attitude was uncertain last week as economic indicators painted a mixed picture and bullish sentiment gave way to profit taking. Political uncertainty continues to weigh heavily on the market with analysts pointing to the unstable situation in Iraq and the threat of continued terrorist attacks as a major threat to economic recovery.

The closing prices of media company shares on Friday were: