Sharewatch: Wireless Group Dips Ahead Of AGM

Kelvin MacKenzie’s Wireless Group suffered a dip yesterday, sliding by 2.73% ahead of today’s AGM. The company is due to detail its strong performance throughout 2003, as well as highlighting achievements in the first half of 2004.

The company claims to have seen a significant 36% increase in revenues during the second quarter of 2004, in addition to a massive 87% hike in revenues at its national talkSPORT station during June, thanks to the Euro 2004 football tournament.

Rival radio firm Chrysalis also performed well, rising by 1.45% ahead of the company’s announcement of a deal with weekly financial newspaper, The Business. The deal will see Chrysalis Radio’s LBC stations create joint radio and press advertising packages for targeted clients and agencies (see LBC Stations Secure Cross-Media Deal With The Business).

Elsewhere, newspaper firm Trinity Mirror suffered a 1.42% dip to 625p as the company announced a number of senior appointments to its advertising team, intended to improve its relationship with agencies and clients (see Trinity Mirror Creates New Senior Advertising Roles).

The FTSE 100 index closed down 0.3% at 4,358.4, with many city traders expressing concern that a dip below 4,370 could be a signal of further decline for the market. The FTSE 250 also closed down 0.3% at 6,120.4.

The closing prices of media company shares on Wednesday were: