Sharewatch: Profit Taking Leaves Mark On Media Sector

Profit takers left their mark on the media sector yesterday after the IPA’s latest Bellwether report predicted that the coming months could see adspend climb to levels not seen since the height of the dotcom boom. Granada was seen down by 3.23% and Emap dipped by 1.43% to close at 933p.

Reuters was in the spotlight with stocks dipping by 0.63%, despite news that it could more than double the expected proceeds it receives from the reduction of its stake in Tibco, the US software business.

Meanwhile, GWR dipped by 1.58% amid reports that Daily Mail & General Trust might sell its stake in the group. The radio company was also in focus as chief executive, Ralph Bernard, called on the Government to set a date for switching off the analogue signal in an attempt to boost the up take of digital radio.

The broader market ended the day on a positive note with the strength of oil stocks helping to outweigh a dose of profit taking. The FTSE 100 closed 0.3% higher at 4,511,2 and the more cyclical FTSE 250 rose by 0.1% to 6,120,4.

The closing prices of media company shares on Wednesday were: