Sharewatch: Telewest Falls Despite Curbing Losses
Debt-laden cable company Telewest was seen in the spotlight after revealing it has reduced its losses by 18% in the first nine months of the year (see Telewest Losses Narrow In Third Quarter). The news was greeted with scepticism in the market and the stock was seen down 11.11%.
Elsewhere the BSkyB saga continued to dominate media market gossip. Senior board members have met with a number of institutional investors following the controversial appointment of James Murdoch.
Major BSkyB investors are also demanding that new chief executive James Murdoch’s pay packet be closely aligned to clear financial targets. The stock was seen down 0.31%.
Cable and Wireless was also seen in the spotlight after CSFB downgraded the group ahead of its interim results. The stock was seen down 1.90%.
Broader market sentiment was mixed yesterday as the Bank Of England raised the cost of borrowing by 25 basis points, the first rise since February 2000. The bank cited the risks of inflation from strong consumer spending and the buoyant housing market.
The closing prices of media company shares on Thursday were:
