Sharewatch: Reuters Results Fuel Media Stock Upsurge

Media stocks rose yesterday following an announcement by Reuters of underlying profits ahead of market expectations (see Reuters Results Beat Expectations As Profit Returns).

The company jumped 18.41% higher to close at 429źp and other media companies followed. Emap rose 2.79% to 920p and Pearson, owner of the Financial Times, climbed 3.33% to finish at 605p.

Regional newspaper group Johnston Press was the only media stock to dip yesterday, falling 1.33% to 482p. Meanwhile, telecoms group Cable & Wireless rose 2.53% to 152p.

London blue chips climbed dramatically yesterday, with the FTSE 100 making its largest one-day rise of the year improving by 53.4% to 4,461.5, while the FTSE 250 climbed 39.4% to close at 6,244.9.

The closing prices of media company shares on Tuesday were: