Yesterday’s surge in the global stock markets – on the back of the major bank bailout package – was good news for most of London’s media shares, except Trinity Mirror.

The newspaper publisher fell 3p (or 4.7 per cent) to 60p yesterday after a disappointing set of circulation figures for the Mirror was released on Friday.

Morgan Stanley warned yesterday that Trinity Mirror was one of the companies most exposed to pension deficit. The latest Bellwether report, showing across-the-board falls in ad spend, is unlikely to have helped either.