Sharewatch: Cordiant Up On Hopes Of ‘Industry Partnership’

Cordiant remained in the spotlight yesterday after reports that its clients want the advertising group to seek “an industry partner” in its attempt to claw back some money for its investors. The stock was seen up 29.17%

Meanwhile, allegations of corporate greed remained in focus on news that WPP’s chief executive, Sir Martin Sorrell, is facing a shareholder revolt over his controversial three-year contract after the influential Association of British Insurers said it had “serious concerns” about the remuneration package. The stock was seen stable at 506p

Elsewhere, Cable & Wireless was in focus after posting its 2003 results announcement, which revealed revenue was down 24% year on year at £4.39 billion. The group is set to withdraw from the US in order to focus on core UK operations. The move was greeted well in the market and the stock was seen up 6.98%.

All eyes will be on the European Central Bank and the Bank Of England which both have meetings today and investors will anxiously await the Bank Of England’s decision on whether to raise the cost of UK borrowing.

The closing prices of media company shares on Wednesday were: