Rebound of Media Stocks
Friday, September 19, 2008 21:17
According to the FTSE 250 shares, besides the banks and insurers, some business outside the financial sector have also benefited a lot from the US rescuing toxic mortgage assets and the ban on the short-selling of financial stocks. Such business might be further helped by the change in sentiment and optimism because the banks may be prepared to provide more leeway on renegotiating debts with highly indebted clients.
The rebound of the media stocks is a good example. According to Times news, Trinity Mirror was up by 22% at 105.5p and Johnston Press gained a rebound of 18%. The directory publisher—Yell, which is widely believed to need refinancing, gained 17% to 91p; while the highly indebted department store group—Debenhams, was up by 16%. Banks and insurers were driving this recovery.
There are people with different attitude towards this trend. Some of them are raising quite positive comments while others still have some further concern.
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