Sharewatch: Scottish Radio Holdings Lifted By Results

Scottish Radio Holdings was seen in focus yesterday, rising 3.65% after announcing that like for like broadcast revenues were up by 6% during the year to September, with national advertising up 9% and local up 3% (see Scottish Radio Sees Airtime Revenue Up 6% In 2003).

Capita Radio also continued to improve following its announcement earlier this week that it is to acquire London-based urban music station Choice FM for around £15 million. The stock rose by 19.6% yesterday (see Capital Radio Takes Choice FM For £15 Million).

ITV Partners, Carlton and Granada, were among the worst performers in yesterday’s media market, with share dipping by by 2.67% and 3.43$ respectively, despite recently securing formal approval on the undertakings of their £4.5 billion merger from Trade and Industry Secretary, Patricia Hewitt (see Government Formally Accepts Conditions Of ITV Merger).

Broader market sentiment was subdued yesterday in the wake of the Turkish bombings, but many observers were impressed by the resilience of the UK market. The FTSE ended 0.5% lower at 4,308.

The closing prices of media company shares on Wednesday were: