Sharewatch: Telewest Holds Firm Despite Resignation

Embattled cable group Telewest held firm yesterday sticking at 1žp despite the announcement that group managing director, Charles Burdick, will step down with immediate effect after just two years at the helm of the company (see Burdick Steps Down As Telewest Managing Director).

Financial Times owner, Pearson, rose 6.29% settling at 633˝p while United Business Media climbed 3.05% to rest at 575p.

Reed Elsevier climbed 8.3% to 487źp following publication of third quarter results at the high end of the market (see Reed Elsevier Sees 2003 Profits Rise But Predicts Dip).

Overall strength in banking and publishing stocks helped London blue chips secure the best one-day gain since October with approximately 4 billion shares changing hands. The FTSE 100 rose 1.4% to 4,515.6 while the FTSE 250 climed marginally by 0.6% to 6,297.7.

The closing prices of media company shares on Thursday were: