Sharewatch: WPP Climbs Ahead Of Financial Results

Stocks in WPP rose by 1.39% yesterday to 618˝p ahead of full-year results due to be announced on Friday. The global advertising and marketing network is expected to post pre-tax profits of £454 million on revenues of £4.04 billion following dismal performance in 2002 pre-tax profits fell by 50% to £205 million.

The newly merged ITV company continued to see shares fall, dropping by 0.71% to close at 139p despite institutional shareholders backing the appointment of Sir Peter Burt as chairman (see New ITV Boss Claims Allen Is Safe As Chief Executive).

Meanwhile, Trinity Mirror inched up by 1.18% to finish at 599p ahead of today’s end of year results, which show advertising revenue for the group’s national newspapers fell by 2.1% in 2003.

London markets traded cautiously yesterday, with tobacco stocks being the favourite amongst defensive investors. The FTSE 100 closed up by 0.2% at 4,507.5 while the FTSE 250 slipped 0.1% to rest at 6,244.8.

The closing prices of media company shares on Wednesday were: