Sharewatch: Optimistic Results Fuel DMGT Price Rise
Financial results published by newspaper heavyweight Daily Mail & General Trust fuelled a rise in stock price yesterday, as the company added 0.14% to close at 726p.
The company announced adjusted profit before tax of £234 million, representing a year on year increase of 26% due to growth in its national newspaper, exhibition and business to business information divisions (see DMGT Reveals Profits And Forecasts Continued Growth).
Elsewhere, Reed Elsevier‘s investors reacted badly to a trading statement which, while confirming it is on track to deliver mid to high single digit adjusted earnings this year, predicted a stagnation in earnings growth during 2005. The company lost 2.87% from its stock price yesterday to close at 473˝p.
The decline of the American Dollar against Sterling set many city traders into action yesterday, with BSkyB adding 1.47% to its price as investors revelled in the broadcaster’s anticipated savings on big-budget programme imports. The broadcaster, which announced its winter schedule packed with US imports this week, closed at 570žp (see Sky One Unveils Dramatic Winter Schedule).
The FTSE 100 continued to climb yesterday, adding 15.5 points to close at 4,751.2. Elsewhere the FTSE 250 added 26.3 points, to give a closing total of 6,620.4.
The closing prices of media company shares on Thursday were:
