Sharewatch: INM Rises Following Strong Results

Independent News and Media saw shares rise by 0.96% to close 131źp as the company, which publishes the Independent and the Independent on Sunday, announced strong revenue growth across all major markets for the first half of 2004.

Executive chairman, Sir Anthony O’Reilly, said group total revenues are comfortably ahead of 2003, with the strong trading performance being a combination of good advertising and circulation revenues and strong underlying economic performances across each of the Group’s markets (see INM Delivers Strong Growth In First Half Of 2004).

Elsewhere, ITV dipped by 1.06% to 116˝p despite news that it could receive a significant financial boost over the next few years if media regulator Ofcom goes ahead with proposals to cut the commercial broadcaster’s licence fee cut by more than 40% (see ITV Could Receive Boost From 40% Cut In Licence Fees).

The FTSE 100 fell by 0.1% yesterday to close at 4,512.4 with oil and fuel companies causing tension amongst traders. The FTSE 250 closed marginally higher at 6,257.7.

The closing prices of media company shares on Tuesday were: