Sharewatch: INM Rises After Ditching Broadsheet Edition

Amid a slow trading day for media stocks, Independent News & Media made the day’s largest rise, pushing up by 1.85% to 137žp after ditching the broadsheet edition of its flagship daily newspaper to produce a tabloid-only budget special yesterday (see Independent Ditches Broadsheet For Budget Special).

Daily Mail & General Trust also managed a rise, climbing 0.23% to 667˝p. Yesterday the newspaper group announced an increase in revenues, but stated it was too early to call a turnaround in the market (see DMGT Sees Good First Half, But Markets Still Volatile).

United Business Media made the day’s largest percentage loss yesterday, dropping 3.56% to 487˝p as all but four media companies saw poor trading and a decline in share price.

Security alerts on the Eurostar train service between Paris and London unnerved investors yesterday as the FTSE 100 slipped 1.3% to 4,397.9, while the FTSE 250 slid 0.3% to 6,189.3

The closing prices of media company shares on Thursday were: