Silver Lining on US Ad Cloud Boosts WPP, Aegis Stocks

19 April 2001

London-headquartered global advertising conglomerates WPP Group and Aegis – the former heavily reliant on the US advertising market – saw their share prices rise on Tuesday as mild bullishness Stateside tinged with silver the cloud hanging over the US economy.

Shares in WPP surged 6.9%, gaining 48p to 745p – the day’s largest gain on London's FTSE100 blue-chip index – while advertising media buyer Aegis fared even better with a rise of 10%, closing at 134p.

According to a fund manager with a substantial holding in WPP, the apparent halt in the decline of the US economy is expected to hold; and the marginal rise in inflation, reported 17 April, appears unlikely to hinder a further cut in US interest rates.

News Source: CampaignLive (UK)