Sharewatch: Independent Falls On Acquisition Speculation

Independent News & Media, publisher of the Independent and the Belfast Telegraph was seen under pressure, down 6.61%, on reports it is planning a bid for Trinity Mirror’s Irish titles.

Elsewhere, SMG was seen in focus, down 4.55%, after posting weak results. Turnover at the group’s flagship Virgin Radio station fell by 13% to £11.8 million.

Andrew Flanagan, chief executive of SMG, said that he remains cautious about advertising conditions moving into the second half of the year, despite signs of gradual improvement (see SMG And INM Release First Half Financial Results).

Broader market sentiment was subdued ahead of today’s two year anniversary of the horrific September 11th terrorist attacks in the US. The financial sector has been grappling with ways to commemorate the devastating loss and Wall Street will hold a memorial. Cantor Fitzgerald, the brokerage firm which lost nearly 700 employees in the attack, will contribute all today’s revenue to a relief fund for victims’ families.

The closing prices of media company shares on Wednesday were: