WPP shares fell by as much as 3.5% this morning to 436.5p, a fall of 17p. The advertising giant was far from alone as smaller rivals also experienced sizeable drops.
WPP still has a long way to go before it hits the low experienced in 1998, when its shares fell below the 250p mark, or is furthest from its 2000 high when its shares topped 1300p
Carat-owning Aegis was down 6.01% to 78.2p, a fall of 5p. Cordiant Communications was down by 5.41% to 70p, a fall of 4p.
Among the media stocks, the biggest faller was Reuters, which was still suffering after yesterday's announcement of pre-tax losses of £88m. It was down 6.83% to 279.5p.
Among the broadcasters, BSkyB was down 4.34% while Carlton Communications experienced the biggest fall. The ITV company fell 7.14% to 169p. Fellow ITV company Granada was down 5.05% to 89.25p.
Among the publishers, Emap dropped 3.77% to 675.5p and Pearson fell by 6.08%, or 33.5p, to 525.5p. Daily Mirror publisher Trinity Mirror saw the smallest fall, down only 0.28% to 361.5p.
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