Media stocks hold gains after Dow's climb

LONDON - Shares in advertising and media stocks in London were hanging on to early gains following the boost from US markets last night, but still have a long way to go before they make up their recent losses.

WPP Group was up by as much as 1.99% to 446p before falling back slightly to 442p. Aegis Group was up by 2.3% to 78p. Cordiant Communications was up less than a point rising 0.7% to 67.5p.

The broadcasters showed stronger gains with BSkyB leading the sector, rising 4.49% to 546.5p. The ITV companies were showing mixed fortunes on the day the court case with the Football League began. Granada was up 3.43% to 90.5p, while ITV partner Carlton Communications lost 1.3% to 67.5p.

SMG, which announced earlier this week that it was to sell off its two Scottish ITV franchises, was up 5% to 109.5p.

The newspaper and magazine publishers were also showing healthy midday gains. Emap was up 4.47% to 689.5p; the Daily Mail & General Trust was up 1.27% to 516.5p; Trinity Mirror was up 2.64% to 369p and Pearson was up 3.57% to 551.5p.

Reuters was still suffering following its report earlier this week of losses of £88m. It was down this morning, but by midday was up fractionally, rising 0.27% to 283.75p.

Last night, the US Dow Jones Industrial Average rose more than 6%, the strongest gain in 15 years.

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