Sharewatch: Reed Elsevier Dips Ahead Of Results

Anglo-Dutch publisher Reed Elsevier dropped 3.23% yesterday to rest at 450p ahead of financial results due to be released today and concerns that the weaker dollar and declining revenue from education and business titles may affect earnings.

Meanwhile, Reuters dropped 4.48% after Tuesday’s announcement that underlying profits for the full year which are significantly ahead of market expectations (see Reuters Results Beat Expectations As Profit Returns). Johnston Press recovered from its recent dip with a 2.02% increase to 491žp.

Calmer trading was the order of the day yesterday, with cyclical stocks doing well after Tuesday’s notable upsurge. The FTSE 100 closed down 18.6% at 4,442.9 while the broader FTSE 250 climbed 30.7% higher to 6,275.6.

The closing prices of media company shares on Wednesday were: