ITV shares jumped more than 10% today after a leading broker ditched its sell rating amid hopes of a recovery for the media sector next year.
The upbeat note from Goldman Sachs helped the battered stock to the top of the FTSE 250 Index risers board, up 3p to 31p in the first hour of trading.
In the wider market, the FTSE 100 Index continued its rally – up 23.5 points at 4435.3 – after better-than-expected US consumer confidence figures boosted world markets yesterday.
Royal Bank of Scotland added a penny to 41.2p and Barclays rose 6p to 295.25p, but the top flight risers board was topped by Argos owner Home Retail Group after a gain of 10.5p to 237p.
The performance of the retail sector overall was mixed, with Next down 31p at 1446p and Marks & Spencer 4.25p lower at 283.5p, a fall of 1%. DSG International was 2.25p higher at 25.5p in the FTSE 250.
In corporate news, Jessops shares tumbled 52% after the company said any debt restructuring of its business would leave shareholders with nothing. It also reported losses of £6.3 million for the six months to March 31, as the beleaguered stock slipped 3.43p to 3.2p.
