Sharewatch: ITV Shares Dip As Chairman Is Announced
ITV saw stock slip by 1.41% yesterday to rest at 140p following the appointment of former Bank of Scotland chief executive, Sir Peter Burt, as its new non-executive chairman. The appointment comes just weeks after the completion of the multibillion pound merger of Carlton and Granada (see ITV Appoints Ex-Bank Of Scotland Boss As New Chairman).
The only media company to gain ground yesterday was Johnston Press, which crept up by 0.4% to close at 507p in what was a tough day for media stocks. The regional newspaper publisher has been in the spotlight recently after revealing encouraging second half results (see Johnston Press Sees Ad Revenues Ahead Of Expectations).
The announcement of Michael Franklin’s appointment as managing director of talkSPORT failed to move stocks in the Wireless Group, which remained steady yesterday at 108˝p (see talkSPORT Appoints Franklin As Managing Director).
The focus was on defensives and dividends yesterday as data on US consumer confidence sparked fears of flat corporate earnings and a fall in equity markets. The FTSE 100 closed down 0.6% at 4,496.8 while the FTSE 250 sank 0.7% to 6,253.2.
The closing prices of media company shares on Tuesday were:
