Aegis report sparks downward trend in
media and advertising stocks
LONDON - Advertising shares began the week with mixed fortunes today after media-buying group Aegis revealed that its 2002 growth would be flat to negative in a pre-closing statement to its full-year results to be announced in March.
Aegis was down 0.49% in mid-afternoon trading to 102.5p following the report, which revealed that the economic crisis in Argentina would cost the company £10m.
The news appeared to have a negative impact on Cordiant Communications, which last week seemed to be leading a recovery in the sector after its shares took a pounding last year, dropping from a high of 300p. Its shares slid 0.9% today to 114p.
Huntsworth, the group ran by Lord Chadlington, founder of Shandwick Public Relations, saw its shares tumble 2.2% to 22p.
Meanwhile, WPP Group, the advertising giant headed up by Sir Martin Sorrell, saw its shares climb 2.1% to 813.5p.
In the media sector, BSkyB investors began deserting the satellite TV giant following BT's announcement that it may chase the same business model that has turned the Rupert Murdoch-backed broadcaster into a dominant force in the UK pay-TV sector.
BSkyB shares fell 3.1% to 789.5p while cable company Telewest lost 2.6% at 65.75p on the news and NTL fell 3.3% to $0.90 in New York.
Pearson, owner of the Financial Times, was down 1.95% to 856p on the news that analysts raised their earnings-per-share estimate to 30.93p from 30.62p for 2002 and cut its EPS estimate to 41.41p from 42.56p for 2003.
If you have an opinion on this or any other issue raised on Brand
Republic, join the debate in the Forum here.
Latest jobs Jobs web feed
- Marketing Manager Ball & Hoolahan £68,000 + Car/Car Allowance, London
- SENIOR MARKETING MANAGER- Fashion retailer Success Digital £65000 per annum, London
- Client Director - Digital Agency - London £50-65k Adam Recruitment £40000 - £50000 per annum, Camden, London (Greater)
- Neolane Campaign Manager PFJ £300 - £400 per day, London (Central), London (Greater)
- Head of Digital Marketing Operations Jarlett de Grouchy £45000 - £55000 per annum + Bonus + Benefits, London (Central), London (Greater)
- Senior Brand Manager - consumer products ADLIB £38000 - £43000 per annum, Cornwall