Investors tuned into Classic FM-owner GWR during an otherwise subdued start to the week for the London market today.
GWR climbed by almost 5% in early trading after deciding to sell its overseas interests and signalling a recovery in the advertising market.
Interest was largely restricted to smaller stocks with little blue-chip corporate news for the City to feed off.
After the opening hour, the FTSE 100 Index was ahead just 10.3 points at 5,179.4 with banking stocks slightly firmer.
Barclays was up 5p at 620p, Royal Bank of Scotland moved up 13p to £20.37 and Lloyds TSB edged ahead 5p to 755p.
Mobile phone giant Vodafone moved a penny higher to 114p ahead of its eagerly-awaited annual results tomorrow.
Little in the way of significant movement is expected in the City today with US markets shut for the Memorial Day holiday.
GWR’s climb meant it was up 12p at 269p, despite dismissing reports it was in talks with Capital Radio over a possible £1bn merger.
Capital said it was likely to hold a series of informal discussions in the industry following the draft Communications Bill and it rose 7.5p to 742.5p.
Elsewhere, Gullane Entertainment shot forward by nearly 24% after revealing a 500p per share approach from its larger rival HIT.
The deal would see Gullane’s Thomas the Tank Engine join forces with HIT’s Bob The Builder, and Gullane’s shares were 95p higher at 475p.
HIT, which recently added Barney the Dinosaur to its portfolio, dropped 12.5p to 327.5p after the news.
EGi News 27/05/02
