Sharewatch: Wireless Group Buoyed By Positive Results
Kelvin MacKenzie’s Wireless Group saw a successful day’s trading yesterday with its share price rising by 2.94% to close 87˝p following the publication of its interim financial results.
The company announced that operating profits during the first six months of the year have grown by 108% to over £1.1 million, with the “storming” success of its flagship national speech station talkSPORT responsible for the revenue boost (see Wireless Revenues Driven By Success Of talkSPORT).
Elsewhere, Independent News and Media remained steadfast at 141˝p following the publication of its interim results. The publisher has seen a rise in post-tax profits of 42%, pushing its total to €68.1 million during the first six months of this year (see Record Results Push Independent’s Profits Up 42%).
Only a handful of media stocks saw a decline in share price yesterday. Among the unfortunate few was SMG, losing 1.40% to close at 106p. Speculation concerning a purchase of the company’s television assets by ITV boosted its share price earlier this week, although since the rumours have subsided SMG has seen its share price level off.
The FTSE 100 soared by over 30 points early yesterday, only to plummet in the afternoon and close only 2.8 points higher at 4,548.4. The FTSE 250 closed 1.2 points lower at 6,250.2 with a trading volume of just over three billion shares.
The closing prices of media company shares on Wednesday were:
