The bounce-back of London stocks lasted barely an hour before yesterday's slump continued and the FTSE 100 crashed back below 4,000, its lowest point since 1996. However, even the short-lived bounce-back only recovered one third of the losses seen in Monday's 5.3% FTSE 100 drop.
Granada was down 4.33% at 94p by midday, while fellow ITV company Carlton Communications suffered a smaller fall, down just 0.99% to 175.75p.
BSkyB, the only stock in the FTSE 100 to close up yesterday at 547p, was down 2.56% to 533p this morning.
BSkyB has been boosted by positive press coverage yesterday and a repeated "buy" call from Lehman Brothers ahead of the satellite broadcaster's July 31 results.
Cordiant was down 6.21% to 75.5p and was the biggest faller among the advertising stocks. WPP Group was down 1.43% to 484p and media-buying group Aegis was actually up slightly, rising 0.3% to 82.75p.
Of the publishing stocks, Trinity Mirror had lost most ground dropping 3.66% to 368.5p. The Daily Mail & General Trust was down 2.72% to 501p and Emap was down 0.4% to 738p.
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