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Gloom ends media share revival

LONDON - General market gloominess has pushed media share prices down today, reversing yesterday's upbeat mood towards the sector.

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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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