After the stockmarket nosedive on Monday and Tuesday badly affected media stocks (subscribers see Media Shares Hit Hard In Stockmarket Nosedive), the majority of media companies staged a comeback during the week which broadly mirrored the recovery of other sectors.
Some normality had returned by Wednesday when Martin Sorrell, chief executive of WPP Group, bought a further 100,000 shares in the company. This lifted the price 13.5p to 275p, though Sorrell is reported to have lost out on a hefty bonus due to WPP dipping below its target price of 261.5p during the earlier turbulence.
Reuters benefited from a Henderson Crosthwaite recommendation, which lifted the information service 15p to 639p on Wednesday while BSkyB also rose on another report from the broker which put a 500p target on the satellite broadcaster. BSkyB jumped 7.5p to 422p.
Most of the media shares which had been the worst hit by the stockmarket dive held steady during Wednesday, Thursday and Friday: Capital hovered around the 470p mark, GWR remained stuck on 178.5p and Scottish Media held firm at 648p.
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