Sharewatch: WPP Rises Despite Cordiant Struggle

WPP was seen in focus, up 5.61% week on week, despite concerns that its bid to take- over troubled advertising group, Cordiant Communications, may be scuppered by a mysterious investor, who is believed to be in cohorts with Publicis.

Cordiant was seen up 6.67% week on week after Nahed Ojjeh, the Syrian-born chess promoter, increased her stake in the group to more than 10% (see Mystery As Chess Queen Raises Cordiant Stake). Investors also considered news that the take-over panel has extended its investigation into the circumstances surrounding her involvement in the take-over bid and in particular her links with Publicis.

Publicis, meanwhile, is trying to head-off an investigation by the Financial Services Authority into accusations it has helped to create a false market in the trading of shares in Cordiant.

Elsewhere, BSkyB was seen in the spotlight, up 0.81% week on week. It is rumoured the group has launched a new offensive in the battle for live Premiership football rights, with one large bid for the entire package (see TV Giants Battle For Live Premiership Football Rights).

The closing prices of media company shares on Friday were: