Sharewatch: GWR Rises Amid Merger Hopes With Capital

Radio group GWR was seen in focus yesterday, scoring a massive 8.95% rise to 246˝p. The company was bolstered by investors’ growing favour towards a merger with rival group Capital, which itself saw a rise of 1.63% ahead of interim results due to be published today.

Earlier this year GWR quashed rumours of such a merger, stating that no talks between the two companies had taken place and that a deal, reportedly worth £840 million, was not on the table (see GWR Denies £840 Million Merger Talks With Capital).

Also in radio, Scottish Radio Holdings rose by 0.92% ahead of impressive interim results published today. The group managed a 14% increase in turnover to £47.2 million during the six months to March 2004.

Elsewhere, a good day’s trading in media stocks fuelled rises in all but one company’s share price, publishing giant Emap saw its price rise by 1.02% as it announced cross promotion between its Metro radio station and Metro Newspaper’s Newcastle title (see Emap And Metro Partner For Mini Cross-Promotional Deal).

The FTSE 100 looked buoyant yesterday, rising 1.3% to close at 4,471.8 while the FTSE 250 climbed by 1.4% to 6,027.

The closing prices of media company shares on Wednesday were:

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