Sharewatch: WPP Falls On Shareholder Unrest

WPP was seen in focus, slipping 0.54% as shareholders continued to express concerns over chief executive, Sir Martin Sorrell’s three year pay deal.

Meanwhile troubled advertising group Cordiant continued to fall, down 6.45%, as analysts warned the group’s estimated £200 million of debt may scupper its plans to seek an ‘industry partnership’.

Elsewhere, Cable and Wireless was also in the spotlight, down 0.72%, on news it had sold its entire 14% stake in Hong Kong fixed line company PCCW to Citigroup.

Broader market sentiment was cheered by the European Central Bank’s decision to reduce interest rates by 50 basis points, although bearish sentiment was provided by US jobless figures which continued to rise. The Bank Of England’s decision to leave interest rates unchanged at 3.75% caused little movement in the market.

The closing prices of media company shares on Thursday were: