WPP fell 1.9% on the day to 675p at 4.40pm, having fallen 6.5% yesterday, but it was not the worst by a long way. Cordiant Communications fell 5% today, after a turbulent couple of days which saw it lose 9.5% yesterday.
WPP's potential takeover target Tempus was up 0.4% to 575p, while Havas, its friendly bidder, fell 3.7% on the day to €11.07 (£6.95).
Analysts suspect that, in the present climate, potential investors are shying away from agency stocks because of the market conditions and this seems to have affected Cordiant, which suffered from a "heavy seller" yesterday.
Simon Lapthorne, media analyst at Old Mutual Securities, said, "In the absence of a bid for the business, or an improvement in trading, it is difficult to see any recovery in the share price. Yesterday was severe because there was a heavy seller around, so no there are no buyers for the stock. Also, you have to bear in mind it is quiet in the City because of holidays."
In the US, Interpublic Group of Companies and Omnicom Group remained fairly stable. Interpublic was down just 0.1% to trade at $27.90 (£19.59) and Omincom was down just 0.8% to $84.77 (£59.52).
The rest of the media sector was mixed, however. BSkyB rose 0.6% to close at 774.5p in London, while ITV partners Carlton and Granada, fell slightly to close at 331p and 154p respectively.
In publishing, Emap slid 2% following the news that Emap Digital managing director Jerry Perkins had resigned, as had Neshat Ahmed from Emap Fashion. Emap finished the week at 714p.