Sharewatch: United Business Media Growth Leads Market

Publishing and media group United Business Media were the leaders of last weeks trading market, seeing an impressive 8.96% increase in share price, to close on Friday at 523p. David Levin will assume the position of the company’s chief executive in April, taking over from Lord Clive Hollick, On assuming the position Mr Levin is expected to review non-core assets such as UMB’s 35% stake in commercial broadcaster Five and its 20% holding in the ITN news channel (see United Business Media Announces New Chief Executive).

Independent News and Media, publishers of the Independent, also saw an strong performance last week, gaining 6.74% to close at 174źp. A positive pre-close trading statement released by the company at the end of 2004 predicted a successful 2005 for the group, announcing that overall circulation revenues are expected to be up 10% year on year (see Independent Profits Rising Despite Times Competition).

Sir Martin Sorrell’s group global advertising group WPP saw a tumble in share price last week, losing 2.97% to close on Friday at 556p. The company recently agreed to postpone its proposed merger between with Grey Global, extending the deal by two months at the beginning of December, following a request for additional information made by the European Commission (see WPP Extends Grey Merger Deal By Two Months).

The closing prices of media company shares on Friday were:

Correction: NewsLine would like to apologise for erroneous figures featured in Sharewatch on 06 January. These have since been rectified, along with the accompanying story.