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Published On: Tue, Jul 2nd, 2013

FTSE 100 declines, ITV subject of takeover speculation

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FTSE 100 closed that 6303.94 today, declining by 3.84 points, a fall of 0.06%. London’s blue-chip index fought back from earlier declines, peaking just above its previous closing price shortly before 3 PM local time. The FTSE’s lowest point during the session was 6266.50, while it peaked at 6314.13.

There were many talking points throughout the session but one of the bigger ones was the potential takeover of terrestrial broadcaster ITV. The broadcaster has been highlighted as a potential target for German media giant Bertelsmann, who are now looking for a new position within the market after offloading its stake in the European broadcaster RTL. ITV’s share price has been relatively steady of late, despite its competitors falling at an alarming rate. The broadcaster closed the day at 144.40 points, 0.10 up from its opening price. Its market cap is currently at £5.68 billion, so any takeover bid would be big news from not only the industry but the London Stock Exchange as a whole.

Elsewhere Burberry advanced by 40p, closing at £14.05 on the back of an upgrade from HSBC who adjusted their rating of the company from neutral to overweight and increased its target price to £17.50 from £15.30. HSBC cited the company’s health and their successful move into the Asian fashion market, a market that Burberry have been looking to crack for quite some time.

High Street banks lead to declines in London with the Royal Bank Of Scotland retreating after yesterday’s gains, closing 2.7% down after it was reported that Rothschild were to be appointed as the government’s adviser for the potential breakup of the taxpayer owned bank. The 2.7% decline translated to a 7.6p fall in the stock price, which closed at 274p. Lloyds Banking Group also fell during the session, closing at 62.95p after losing a little over 1p during the day which translated to a decline of 1.69%.

 

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About the Author

- Gregory previously worked for a leading financial news publication and is now assistant news editor of financialtrading.com.

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