Sharewatch: ITV Partners Rise After Positive Sentiment

Carlton and Granada were seen in focus yesterday, rising 4.26% and 3.29% respectively, as the media sector moved upwards following the overnight rally of the US dollar against the pound.

WPP was also seen up, by 3.94%, despite revelations that Nahed Ojjeh, the Syrian-born chess promoter, had built up a 10.75% stake in Cordiant. There are now fresh doubts about WPP’s ability to carry out its take-over attempt of the struggling advertising group.

Elsewhere, Capital Radio was seen in focus, up 1.5p, after chief executive, David Mansfield pledged to fight any take-over bid by US radio group Clear Channel (see Capital Radio Chief Moves To Quash Clear Channel Takeover).

Media analysts also considered news that the Lords had failed to force the so-called “Murdoch amendment” into the Communications Bill, leaving the UK media sector open to foreign conglomerates.

The closing prices of media company shares on Tuesday were: