HMV Group share price rises on City presentation

<p>The share price of HMV Group <a href="" target="_blank">rose more than 10%</a> on the back of the <a href="../news/115046-myers-plans-to-rejuvenate-waterstones-after-stifling-homogeneity.html" target="_blank">presentation made by HMV chief Simon Fox, Waterstone&#39;s m.d. Dominic Myers and others last Friday</a>, suggesting investors were pleased by the changes that have been announced. </p><p>Shares opened at 79p each, and closed at 88p on Friday. This morning, they continued to increase. </p><p><a href="" target="_blank">In an article entitled &#39;Fox outfoxes the sceptics&#39;, the Financial Times said </a>the rise &quot;leaves the group trading at what is, for now, an attractive multiple of seven times 2010-11 earnings, despite the structural decline in its sector&quot;.</p><p><a href=" target="_blank" title=" Telegraph has it that the chain is in talks to put stationery concessions in 20 of its largest shops</a>. <a href=" target="_blank" title=" Mail notes that the chain is also close to securing a deal with an unnamed greetings card retailer for concessions within Waterstone&rsquo;s</a>. <br /><br /><a href=" target="_blank" title=" Times picks up the decision to devolve more power to bookstore managers.</a> Myers said that a branch in Hampstead, the affluent North London suburb once favoured by the intelligentsia, had a biography of Ant and Dec , the television presenters, on prominent display for months. &ldquo;It sold four copies,&rdquo; he said.</p><p><a href="" target="_blank" title="">The FT says Verdict, the retail research group, has predicted that slightly less than half the book market in 2010 will be online, leading some analysts, such as Peter Smedley at Charles Stanley, to think that HMV might be turning round Waterstone&#39;s in order to sell it</a>. </p>