ITV retreated to another record low last night after analysts expressed caution about the broadcaster’s prospects as tougher trading conditions persist.

John Fry, the recently installed chief executive of Johnston Press, which crashed out of the FTSE 250 last year, has made his first hack at The Scotsman and Yorkshire Post publisher's estimated £450m debt burden.

Shares in ITV closed down 5.51 per cent, or 1.75p, at 30p last night after a leading broker questioned its valuation relative to other broadcasters.

John Fry, who took over at the helm of troubled Johnston Press yesterday, has his work cut out for him as the company, one of the worst-performers on the London stock market last year, faces up to the challenge of a possibly prolonged recession.

With two and a half trading days to go before Christmas, this week, instead of looking ahead, we are peering over our shoulders to work out who fared the best and was left behind in the London market in 2008.

Marks & Spencer led the blue-chip retailers lower last night amid concern the company might be left behind during the crucial Christmas selling period.

A vote of confidence in its capital position helped Legal & General buck the market trend and bank gains of more than 5 per cent last night.

Rupert Murdoch tore into the "doom and gloomers" predicting the demise of newspapers yesterday, backing the industry to hit new heights this century, but admitted this involved "moving beyond dead trees".

The harsh reality facing media companies in the wake of the credit crunch was underlined yesterday by the regional newspaper group Johnston Press, which reported a 15 per cent plunge in advertising revenues.

There has been some nervousness in the market ahead of Vodafone's interim results, which are due tomorrow. The telecoms group's shares were sold early last week on rumours that it was guiding forecasts lower.

Bad broker comment bore on Trinity Mirror, the newspaper publisher, which closed down almost 10 per cent, or 11.25p, at 102.25p last night.

Phil Edmonds, right, the former England spin bowler turned miner, is said to be annoyed about the press his businesses get for operating in countries such as the Democratic Republic of Congo and Zimbabwe, because other, bigger, companies operate in the same region and don't get so much stick.