Advertising stocks boosted by Buffett's Omnicom stake

This morning, shares in rival advertising company WPP Group were trading up 6%, or 26.25p, at 465.75p, against a 0.93% gain on the FTSE-100 index.

Other agency groups to benefit from the boost were Aegis, owner of the Carat media-buying network, up 6.6%, or 4.75p, to 76p; and Cordiant Communications, trading up 5.62% at 43.5p.

Chime Communications also rallied somewhat after yesterday's disastrous 74% plummet following a trading statement. The company, owner of the HHCL & Partners advertising agency and Bell Pottinger public relations network, regained 16.43% of its share price to trade at 14.75p.

In the US, Omnicom Group shares rose by 11.17% or $6.66, to close at $66.31. Even shares in the Interpublic Group of Companies felt the cheer, rising by 6.44% to $13.39. On Wednesday, Interpublic said it would miss earnings forecasts by a long way and that it was delaying publishing detailed results until November 19.

Warren Buffett is considered an investment guru and is one of the richest men in the world. A filing with the US Securities and Exchange Commission disclosed that Geico, the car insurance unit of Buffett's company Berkshire Hathaway, owned the Omnicom shares.

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This article was first published on brandrepublic.com