Sharewatch: DMGT Rises After Positive Results
Daily Mail & General Trust was seen in focus, up 4.48% after posting fairly positive results and claiming satisfaction with turnover in the first half of its current financial year. However, the group also warned that the political and economic climate is fostering uncertainty in some of its markets (see DMGT Sends Out Mixed Messages In Trading Update).
Elsewhere, BSkyB was seen under pressure after News Corp, the broadcaster’s parent company, said it intended to issue £861 million of convertible bonds into BSkyB shares. However, analysts later declared the move was a purely technical issue and the stock recovered, and was seen down 3.79%.
Overall, media stocks fared well on Tuesday as the week’s rally continued to encourage bullish sentiment, despite the countdown to war with Iraq.
The closing prices of media company shares on Tuesday were:
