Sharewatch: WPP In Focus On Ford Probe

WPP was seen in focus on reports that chief operating officer, Sir Nick Scheele, infringed company purchasing policies by ordering that all of Ford’s marketing and advertising should go to WPP group. The stock was seen down 2.70%.

Elsewhere, investors considered news from market research giant Taylor Nelson Sofres, which has refused to rule out a bid for the Interpublic-owned NFO WorldGroup. The stock was seen up 2.9%, after the company’s results beat market expectations.

The media sector also digested warnings from Lord Puttnam that up to 60 Labour peers are likely to rebel against plans that would allow Rupert Murdoch to buy Channel Five (see Puttnam Warns Of Defeat Over Channel Five Ownership).

Market analysts claim that the sell off amongst telecom and media stocks represents a shift in market sentiment, which now believes a US-led military attack against Iraq is inevitable.

The closing prices of media company shares on Monday were: