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Newspaper group's shares rise

Activist investor lifts stake in Johnston Press

An activist investor has raised its stake in newspaper group Johnston Press, owner of The Scotsman.

Crystal Amber’s move takes its holding from 6.7% to 18.63%. It follows an announcement that Vidacos Nominees had sold 12.6 million shares on Tuesday.

Vidacos, Orbis Asset Management and Orbis Investment Management are all held under parent company Orbis Allan Gray.

Orbis Investment Management was its largest shareholder with a 12.97% stake. Johnston Press shares closed 2p or 13.33% higher at 17p, valuing the company at £18 million..

The FTSE 100 continued its record-breaking rally, closing 0.03% higher at 7,292.37.

Wall Street stocks fell nearly 1% and the U.S. dollar dropped to a five-week low after President-elect Donald Trump’s eagerly awaited news briefing the previous day ignored his fiscal policies, which are expected to boost the economy.

 



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