Advertising and media stock fell to a fresh low when financial markets opened this morning (Monday) as coronavirus jitters continue.
WPP’s share price fell about 8% to 669.40p when the London Stock Exchange opened, having closed at 724.40p on Friday.
On Monday 3 March it was 740.40p, equating to a week on week drop of 10%.
The holding company’s Group M network of agencies is the biggest media buyer in Britain with roughly 40% market share.
Publicis Groupe’s share price opened at 31.00 euros, down 6% from 32.85 euros.
The business is made up of agencies including Zenith, Starcom and Bartle Bogle Hegarty. It began last week (Monday 3 March) at 35.00 euros and fell 6% over last week.
The New York Stock Exchange has yet to open. Omnicom, which owns Adam & Eve/DDB, OMD and PHD, closed at $65.82 on Friday. On Monday last week it was at $69.68 – down 6% over the week.
Interpublic, owner of McCann and FCB, is also on the NYSE. It closed on Friday at $20.04, having begun the week at $21.50 – down 7%.
The impact is also being felt on TV, as ITV reported last week that it expects a 10% drop in adspend in April as travel brands delay their campaigns because of Covid-19.