Jan. 31 (Bloomberg) -- CTC Media Inc., the owner of Russia’s fourth-largest television channel, fell in New York trading after Renaissance Capital said that its audience share had slipped from a year ago.
The stock declined for a second day, losing 0.7 percent to $10 by 1:08 p.m. in New York, and paring its 14 percent advance in January. The company was the second-biggest decliner on the Bloomberg Russia-US 14 Index of Russian companies traded in New York today.
“The CTC channel’s four-week average audience share of 7.6 percent remains materially below the 8 percent delivered during the same period in 2011,” David Ferguson and Anastasia Demidova, analysts at Moscow-based brokerage Renaissance, wrote in a report e-mailed today. “CTC’s audience share trends remain relatively weak.”
The average daily share of viewers for CTC’s television channel, the company’s biggest source of advertising revenue, was 7.7 percent in the week to Jan. 22, according to data from TNS Gallup Media.
--Editors: Marie-France Han, Emma O’Brien
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