Sharewatch: Johnston Press Dips Ahead Of Positive Results
Regional newspaper publisher Johnston Press failed to increase its share price yesterday, which dipped by 0.68% to close at 513p ahead of an impressive 16% rise in pre-tax profits reported today in the group’s half year results.
The company has already caused excitement amongst City investors by lifting its profit forecasts this year, as well as hinting at an upturn in job advertising, an area in which the company is particularly active.
Elsewhere, the majority of media stocks saw a healthy day’s trading yesterday, with radio group Chrysalis amongst the market leaders. The broadcaster saw a 2.27% rise to close at 180p as news broke that it is aiming to topple Capital from the top spot in London by boosting adspend for its Heart station (see Heart Pumps Up Adspend To Take On Capital In London).
Cross-media heavyweight Emap also saw a rise, climbing by 0.07% to close at 722p. Yesterday saw the company announce subsidised advertising rates for DAB radio retailers in an attempt to boost take-up of the technology in the all-important run up to Christmas (see Emap Advertising Cuts Rates To Drive DAB Uptake).
The FTSE 100 remained largely unchanged yesterday, rising by less than 0.1% to 4,407.5, while the FTSE 250 added 0.3% to close at 6,036.7.
The closing prices of media company shares on Tuesday were:
