Sharewatch: Cordiant Rises On Take-Over Struggle

Troubled advertising group Cordiant Communications was seen in focus yesterday, up 7.14% as Nahed Ojjeh, the Syrian-born chess promoter, increased her stake in the group to more than 10% (see Mystery As Chess Queen Raises Cordiant Stake). Investors also considered news that the take-over panel has extended its investigation into the circumstances surrounding a Syrian chess promoter’s involvement in the take-over bid.

Elsewhere, Emap was seen in the spotlight, down 0.35%, after bosses refused to rule out a possible take-over by the likes of US giant, Clear Channel.

Broader market sentiment was mixed as investors digested news that the Bank of England had reduced UK interest rates to 3.5%, their lowest rate in 48 years.

The closing prices of media company shares on Thursday were: