Sharewatch: Granada Rises After AGM

Granada was seen in focus yesterday after announcing in its AGM that ad revenues in April will be up by around 3% to 5% year on year. However, the company also warned that ITV advertising revenues are expected to be flat year on year in the company’s first half, which covers the six months to March, with some advertisers diverting their ad spend to the latter half of the year due to the Iraq conflict (see Good News For Granada And Johnston Press). The stock was seen up 5.26%.

Elsewhere, Johnston Press was seen rising after reporting a 32% increase in pre-tax profit to £97 million (see Good News For Granada And Johnston Press). These results were at the top end of analysts’ expectations and the stock was seen up 3.53%.

Overall, media stocks fared well on Wednesday, despite the sombre mood on Wall Street after President Bush warned America to prepare for a war that could last for an unknown time. This was hardly the reassurance that the market was looking for.

The closing prices of media company shares on Wednesday were: