Sharewatch: Trinity Rises Despite Departing Director
Trading in media stocks was brisk yesterday, with only a handful of companies suffering a downturn in fortunes. Newspaper giant Trinity Mirror performed well, adding 1.74% to its share price to close at 615˝p.
Yesterday saw the company announce the departure of Stephen Parker, managing director of the group’s regional newspaper division. The newspaper stalwart is to resign next week, leaving chief executive Sly Bailey with direct responsibility for the company’s local titles for the foreseeable future (see Trinity Confirms Regional Director To Step Down).
Advertising giant Aegis also increased its share price, rising by 2.94% as the company announced the acquisition of Marketing Resources Management Group, owner of Australian based marketing agency One Digital, for £1.6 million. The group will now form part of Aegis’ international media network, Isobar (see Aegis Boosts Isobar With Australian Acquisition).
Elsewhere, internet provider Cable & Wireless suffered one of the few downturns amongst media stocks yesterday, with share price plummeting 4.62% to 108.5. The loss was due to disappointing first quarter revenues owing to a weaker than expected UK performance.
The FTSE 100 enjoyed positive growth yesterday, climbing by 0.9% to close at 4,377.3. The FTSE 250 also rose by 0.5% to 6,074.4
The closing prices of media company shares on Wednesday were:
