SCMP puts on spurt
Shares in South China Morning Post (Holdings) rose strongly yesterday, as investors chased the stock following the decision by its competitor, the Eastern Express, to focus on business news.
South China Morning Post shares added 35 cents, or 6.66 per cent, to $5.60, making it one of the biggest percentage gainers in the market.
It has now risen 13.7 per cent since the Eastern Express, owned by Oriental Press Group, launched its new business format on Tuesday, saying the Hong Kong newspaper market was 'overcrowded'.
One broker said: 'Investors realise the SCMP is strengthening its hold as the dominant newspaper in Hong Kong.' The company announced on Thursday a dividend of five cents for the three months ended March, unchanged from a year earlier.
