INM shares rally after pensions deal

Shares in Independent News and Media (INM) rallied yesterday, after a turbulent week ended with the group announcing a deal for pension scheme members.

INM has lost a quarter of its market value, since the turn of the year.

There were further erosions earlier this week, with two days of heavy selling by institutional investors, after management warned that this year’s pre-tax profits would fall short of target, due to a combination of market challenges — from weak digital and advertising revenues to Brexit uncertainties — and costs related to legacy libel issues and probes into its corporate governance practices.