Sharewatch: Johnston Falls Despite Bullish Results
Regional newspaper publisher, Johnston Press, was seen in the spotlight after revealing encouraging second half results. However, the news failed to inspire the market and the stock fell 0.37%.
Advertising revenues at the group surpassed expectations in the second half of the year, with growth of 4.9% already achieved in the five months to 30 November (see Johnston Press Sees Ad Revenues Ahead Of Expectations).
Elsewhere, the Daily Mail group was seen in the spotlight after its regional arm was given the go-ahead to buy Independent News & Media’s London local newspapers after a bid by rival Newsquest was blocked. The stock was seen down 1.05%.
Broader market sentiment lacked direction following the US Federal Reserve’s decision to leave interest rates unchanged.
The closing prices of media company shares on Wednesday were:
