Sharewatch: Telewest Surges Following Reduced Losses
Telewest performed well in week on week analysis, climbing by 14.29% after announcing dramatically reduced losses during 2003. Stocks inched up by just źp in real terms, representing the first rise for the embattled cable provider since January.
The company operator announced on Friday that losses were down from £2.2 billion in 2002 to just £272 million last year. Group operating loss was reduced from £1.9 billion to £87 million (see Telewest Turns The Corner As Loss Declines).
Meanwhile, shares in BSkyB rose by 0.75% to close at 723˝p after Sky News secured the multimillion contract to become Channel Five’s exclusive news provider until the end of the decade. The deal will see Five gain access to all of Sky News’ content, including the established 24 hour news service, seven international bureaus, 60 reporters, producers and technicians (see Sky Scoops Five News Contract From ITN).
UBC Media suffered the largest week on week tumble, falling 10.63% to rest at 35žp. Earlier this month the group made significant deals to provide software to digital radio broadcasters in Canada and South Korea, but the benefit these deals had on the company’s share price has appears to have been short-lived.
The closing prices of media company shares on Friday were:
