Sharewatch: Independent Falls On Poor Results

Week on week analysis of the media sector revealed a poor performance at Independent News and Media, which slipped 8.13%. The group announced a €53.5 million worldwide restructuring plan intended to reduce debts over the next twelve months (see Independent News & Media Cuts Jobs To Save On Costs).

Elsewhere, UBM rose 2.78% after revealing that trading conditions in the US have improved during its second half and there has been a greater than expected recovery in Asia, which was hit by the SARS virus during the first half of the year (see UBM Sees Improved Trading In Second Half).

Broader market sentiment was mixed, with low volumes ahead of the Christmas holiday break. However, continued weakness in the dollar combined with specific terror threats against the US are set to dampen market sentiment today.

The closing prices of media company shares on Friday were: