Sharewatch: WPP Falls Following Zenith Sale
WPP was seen in focus yesterday, down 1.98% following news it had sold its 25% stake in ZenithOptimedia for $75 million to Publicis, which now has full control of the media buying agency (see WPP Sells Zenith Stake To Publicis).
Elsewhere ITV partners, Carlton and Granada were also seen in the spotlight, down 2.91% and 3.70% respectively as bearish sentiment hit the market.
Broader market sentiment was dented by disappointing results from Hewlett-Packard in the US and the continued threat of terrorist attacks, highlighted by the recent bombing of the United Nations headquarters in Baghdad.
The market’s volatility in the face of continued geopolitical uncertainty was highlighted by sharp upward movements on the Dow Jones Industrial Average following rumours that Osama bin Laden had been captured, which were subsequently denied.
The closing prices of media company shares on Wednesday were:
