Gloom ends media share revival
LONDON - General market gloominess has pushed media share prices down today, reversing yesterday's upbeat mood towards the sector.
Several of yesterday's big gainers experienced slight falls in their share price this afternoon. Pearson, which announced lay-offs yesterday, saw its share price fall by 1.4% to 759p. Yesterday, it had been trading as high as 772.5p.
Reuters, which also announced lay-offs this week that seemed to push its share price to 661p at one point yesterday, saw its stock fall back by 1% to 648.5p this afternoon.
Among those hardest hit by the overall slide were BSkyB, down 3.3% to 735p, and Granada, which was trading down 3.5% at 124p. WPP Group, still keeping the market enthralled with the Tempus saga, recorded a drop of 4.8%, trading at 512p this afternoon.
The falls reflected the general gloominess in the UK market, which was not helped by a tumble in US and Asian markets overnight. The FTSE 100 index dropped below 5100 today, hitting a low of 5090.2. Technology and telecoms stocks were among the biggest losers.
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