Sharewatch: ITV Partners In Focus On Mixed Results

Granada was seen in focus yesterday, up 9.41%, after beating analysts’ expectations with a 35% rise in interim profits before tax (see Granada H1 Earnings Rise, June Ad Revenue Down). However, analysts at Charles Stanley warned that the company’s figures show that the advertising recovery seen at the end of 2002 was petering out.

Carlton was also in focus with the release of its latest financial results. The stock was seen up 5.97%, as analysts concluded there could be more grounds for agreement with the Competition Commission over its proposed merger with Granada following yesterday’s analysts briefing.

Elsewhere, broader market sentiment staged a tentative re-bound yesterday, which some analysts have already written off as a dead cat bounce, following Wall Street’s biggest fall for over two months on Monday. The threat of further terrorist attacks, weakness in the dollar and signs of global economic instability continue to provide plenty of bearish sentiment amongst traders.

The closing prices of media company shares on Tuesday were: