Sharewatch: WPP Falters On Cordiant Investigation

WPP was seen in focus yesterday, down 0.78%, on reports that the takeover panel, City Regulator, is to investigate the share dealings of Nahed Ojjeh, the Syrian chess promoter who has bought over a tenth of Cordiant Communications, potentially scuppernong WPP’s takeover bid for the group (see Mystery As Chess Queen Raises Cordiant Stake).

Elsewhere, Reuters was seen in the spotlight, up 2.62%, after Lehmans upgraded its profit forecasts for the group.

Broader market sentiment was dented yesterday by nervousness amongst traders who fear the second quarter earnings season may not deliver on high expectations. All eyes will be on today’s interest rate meetings at the European Central Bank and the Bank Of England’s Monetary Policy Committee.

The closing prices of media company shares on Wednesday were: