Sharewatch: Reed Up Despite Predicting Stagnant Earnings

Information publisher Reed Elsevier saw the biggest jump in share price, gaining 2.86% to close at 494źp, making them the leaders of yesterdays market.

The rise follows a downbeat trading statement issued by the company in November which predicted that investors would see a stagnation in earnings growth this year.

Elsewhere, broadcaster Scottish Media Group saw its share price tumble yesterday, losing 1.87% to close at 104žp. The Group recently accepted a new broadcast licence Ofcom, along with ITV, Ulster Television, Channel TV and GMTV which gives them digital broadcasting rights in anticipation of the switchover from analogue to digital in 2012 (see Ofcom Issues Replacement Digital TV Licences).

Satellite giants BSkyB continued their downward trend, dropping by 1.60% to close at 553p yesterday. The company recently pledged to increase it’s interactive offerings to subscribers, the most recent being the announcement of the addition of pay-play puzzles, designed by Puzzler Media Limited to their Sky Active service (see Sky Expands Interactive Offering With Puzzler).

The FTSE 100 rose by 32.7 points yesterday, climbing to 4,847.0, while the FTSE 250 managed a 46.6 point increase, closing up at 6,983.4.

The closing prices of media company shares on Tuesday were: