Sector movers: Media stocks in demand

27th May 2009 13:30

Media is one of the best-performing sectors after Goldman Sachs upgraded some of the major players.Broadcaster ITV is upgraded from 'sell' to 'buy' and added to the US bank's 'conviction buy' list. Goldman Sachs anticipates that forward advertising data will start to sow signs of levelling off over the second and third quarters.Newspaper group Johnston Press sees its rating lifted from 'sell' to 'neutral' on expectations of consolidation within the sector.'Following more positive macro data, we increase our 2010 forecasts by 23% on average,' the bank said in a research note on the European media sector.The bank has maintained its 'buy' recommendations for Reed Elsevier and Aegis.Defensively-oriented tobacco stocks Imperial and British American are out of favour.Top performing sectors so far todayIndustrial Metals 4,073.68 +3.49%Banks 4,036.40 +1.51%Media 2,696.22 +1.47%Software & Computer Services 477.31 +1.37%Personal Goods 6,954.19 +1.14%Bottom performing sectors so far todayTobacco 20,746.09 -1.60%Aerospace and Defence 2,516.41 -1.30%Pharmaceuticals & Biotechnology 7,368.94 -1.22%Beverages 6,054.92 -1.18%Household Goods 5,410.85 -1.05%