Sector movers: Media stocks move higher

29th Jul 2010 14:19

Updates from the media sector have been given an enthusiastic reception.Trinity Mirror is up more than 20%. A better advertising performance and a contribution from recent acquisition Guardian Regional Media sent first half profits climbing at the newspaper group. Underlying profits in the half -year to June jumped to £50.4m from £31.3m, on flat sales of £382m. Pre-tax profits were £84.8m up from £2.1m.Publishing and education group Pearson is wanted after saying it is to acquire English language training company the Wall Street Institute from Carlyle Group and Citi Private Equity for $92m. Pearson, which is most famous for publishing the Financial Times, said the acquisition should be profitable from 2012.Business magazine publisher Reed Elsevier said advertising and promotion markets are stabilising as underlying revenues increased 1% in the first half. The Anglo Dutch publishing firm said it had noted improved overall trading performance. For the six months ended 30 June adjusted operating profit fell 3% to £758m Revenue stood at £2.99bn. Adjusted earnings per share fell 13% to 21.3p after July 2009's equity placing.Away from print media, pay TV and internet service provider British Sky Broadcasting posted slightly better than expected full-year figures but warned that the economic outlook remains uncertain. The shares are slightly lower.Bakery ingredients maker Real Good Food fell is helping to drag the food producers sector lower after it reported good trading but added that the sugar business was impacted by lower prices.Top performing sectors so far todayFixed Line Telecommunications 1,994.91 +2.98%Media 3,858.07 +2.29%Life Insurance 3,748.53 +2.22%Construction & Materials 3,251.48 +1.56%Pharmaceuticals & Biotechnology 8,781.71 +1.56%Bottom performing sectors so far todayAlternative Energy 4,793.43 -2.70%Food Producers & Processors 4,852.46 -1.40%Tobacco 25,789.88 -1.09%Household Goods & Home Construction 5,986.54 -0.26%Automobiles & Parts 3,263.94 -0.21%