WPP was up by 6.24%, or 41.5p, to trade at 715.5p this afternoon. Other blue-chip shares to benefit from the upgrade included Pearson, which announced it was selling its specialist magazine division FT Business this morning, trading up by 4.5%, or 31.5p, at 725p.
The broadcasting companies were much improved by the news. Carlton Communications and Granada were both up by 6%, with Carlton trading at 200p and Granada at 108.75p. BSkyB saw its share price increase by 5.24%, or 32.5p, to trade at 682.5p this afternoon.
In the radio sector, Capital Radio, which has been unveiling its plans for developing digital radio in the UK recently, was up by 2.7% at 662.5p, 17.5p above Friday's close.
The good news for the media industry spilled over to the rest of the market, with the FTSE 100 trading up by 0.9% at 5,097 this afternoon.
Early indications were that shares in New York could be set to do the same, with the Dow Jones Industrial Average up by 1.04%, at 10,072.12.
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