Sharewatch: Subdued Trading In Shadow Of Tragedy

There was little movement in the media sector yesterday as traders reflected on the tragic terrorist attacks of 11 September 2001. Trading on Wall Street halted on four separate occasions to mark the moments that hijacked planes hit the two towers of the World Trade Centre and the times at which the towers fell.

Analysts reflected on the likelihood of further terrorist attacks and the market was rattled by a new video tape, which claims to show Osama Bin Laden taunting the US. In the UK, reports that a secret intelligence document claiming war with Iraq could put more weapons of mass destruction in the hands of terrorists also weighed on sentiment.

Meanwhile, Reuters was seen under pressure, down 1.73% after Goldman Sachs downgraded the financial information group to outperform, citing an unattractive market valuation.

All eyes were on the US Senate, which yesterday used a rarely used congressional ‘resolution of disapproval’ which could overturn all of the Federal Communication Commission’s controversial new media ownership rules.

The closing prices of media company shares on Thursday were: