Sharewatch: Scottish Radio Rises As Market Bounces Back
Yesterday’s market saw a slight increase in share price for most media stocks, with broadcaster Scottish Media Group leading the way with an increase of 2.43% to close at 105źp. The company recently accepted media watchdog, Ofcom’s offer of a digital replacement licence, paving the way for the digital switchover in 2012 (see Ofcom Issues Replacement Digital TV Licences).
Publishing and media group United Business Media also saw a jump in share, price rising by 2.08% to close at 502p yesterday. This comes after the announcement at the end of last year that David Levin will succeed Lord Hollick as chief executive officer of the company and the expectation that, on assuming the position in April, Mr Levin will review the company’s non-core assets such as UMB’s 35% stake in commercial broadcaster Five and its 20% holding in the ITN news channel (see United Business Media Announces New Chief Executive).
Elsewhere, media communication and research group Aegis Group PLC saw the biggest tumble on yesterdays market, losing 1.16% to close at 106˝p. This comes despite the company issuing a very positive close of year trading statement stating that turnover was ahead on a year on year basis and that all its subsidiary companies, Carat, Synovate, Vizeum, Isobar and Postersccope had performed well in 2004.
The FTSE 100 rose by 18.3% yesterday to 4,824.3 while the FTSE 250 also increased gaining 5.4% a to close at 6,920.9.
The closing prices of media company shares on Thursday were:
