Sharewatch: Trinity Mirror Remains Under Pressure

Trinity Mirror remained in focus yesterday with shares dipping by 1.30% as shareholders demanded answers over editorial controls at the Daily Mirror. Some claimed that chief executive, Sly Bailey, must share responsibility for printing hoax pictures of Iraqi prisoners being abused (see Sacked Daily Mirror Editor Could Demand Compensation).

Deutsche Asset Management reportedly believes that senior management must take some of the rap for the error, along with the editor, Piers Morgan, who was sacked on Friday as the paper issued an unreserved apology.

Meanwhile, Independent News & Media saw shares rise by a healthy 3.67% its flagship quality daily went completely tabloid, in a move that brought an end to more than twenty years of publishing the broadsheet edition (see Media Planners Welcome Independent’s Tabloid Move).

ITV was also in focus with shares dipping by 0.88% to close at 112p. The broadcasters yesterday welcomed the announcement that Ofcom is to transfer the regulation of broadcast advertising to the Advertising Standards Authority (see Ofcom Shifts Broadcast Advertising Regulation To ASA).

The wider market was tested yesterday following political fear in Iraq, the price of crude oil and the market crash in India. However, volumes recovered and the FTSE 100 closed down by just 0.9% at 4,403.0.

The closing prices of media company shares on Monday were:

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