Brit Media Shares Soar on Deutsche Bank Upgrade

26 February 2002

A decision by Deutsche Bank to raise its rating of Britain’s media sector sent UK-listed shares surging upwards on Monday.

Leading the field was WPP Group, which rose 6.24% (41.5p) yesterday afternoon to close at 715.5p. The shares continued to rise today (Tuesday), reaching 738p as WAMN went to press.

Another beneficiary was publishing giant Pearson, up 4.5% (31.5p) yesterday to 725p and jumping to 759p today. The company was given an extra boost by news that it is selling its FT Business division, publisher of specialist magazines such as Investors Chronicle and Financial Adviser. Leading bidders include a team led by Stephen Hill, chief executive of Pearson’s Financial Times Group.

Carlton Communications and Granada Media – the dominant duo in commercial network ITV – both jumped around 6% on Monday, closing at 200p and 108.75p respectively (increasing this morning to 208.75p and 113.75p).

Their satellite rival BSkyB was up 5.24% to 682.5p Monday afternoon, and has since jumped to 701p. Capital Radio, meanwhile, edged up 2.7% yesterday to 662.5p, climbing further today to 695p.

Data sourced from: BrandRepublic (UK); BBC Online Business News (UK); additional content by WARC staff