Equity Spreads: ITV Shares Higher as Broadcaster Increases Revenues
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For today's update see Spread Betting Daily.
The Daily Update from Anthony Grech, Research Analyst, IG Index.
Spread Betting 14 November 2011: 11.00am Update
Markets are decidedly lacklustre this morning, with the FTSE 100 oscillating between gains and losses as traders monitor the formation of a new government in Rome. Limited corporate news meant that the overall atmosphere remained fairly subdued.
By 10.45am (London time), the FTSE 100 was down 0.1% at 5539.11, while the FTSE 250 rose 0.18% to 10,408.11.
And so the technocrats take over
In Rome, the passage of austerity measures by parliament on Saturday resulted in the departure of Silvio Berlusconi and his replacement by economics professor and former EU commissioner Mario Monti as prime minister.
Spread betting markets have remained fairly sanguine, as Mr Monti cautioned that he would not be rushed into the formation of a new government. The yield on Italian ten-year bonds has eased slightly this morning, as investors tentatively move back into Italian government debt.
Markets now wait to see what steps Mr Monti and his technocratic government will take to restore confidence in Italian finances. For the moment, investors will give Mr Monti the benefit of the doubt, but he needs to move swiftly before patience runs out.
As this crisis has developed, it has become clear that the only institution with the ability to stabilise the situation is the European Central Bank. A policy of buying up government bonds would ease borrowing costs for governments across the Eurozone, but the ECB refuses to countenance this.
The point was underlined by Bundesbank president Jens Weidmann, who sits on the ECB governing council, in an interview with the Financial Times. Mr Weidmann said that intervention of the sort being advocated would violate European law and add to instability.
He added that the current levels of Italian bond yields were not an issue in the long run, since confidence in the Italian government would now return.
Lonmin raises revenue and profit
Shares in platinum miner Lonmin rose 0.8% to 1083p, after the company announced that it had lifted both revenue and profit for its full-year. Revenue climbed from $1.58 billion to $1.99 billion, while pre-tax profit was up by a third, to $315 million. The dividend was left unchanged at 15 cents per share. However, the shares are still down 45% on the year, having stood at 1948p in January.
ITV sees market share edge up
Terrestrial broadcaster ITV managed to raise revenues by 4% for the nine months to 30 September, while audience figures, which ITV watches carefully, were up 2%, with 23% of the total UK audience watching one of the four ITV channels.
The company remained cautious on the outlook for 2012, as companies ease back on marketing spend in the difficult economic climate. The shares rose 3.4% to 65.8p.
US pre-market
US futures, which started the morning fairly strongly, have edged back, with the Dow now up 0.14% and S&P 500 contracts down 0.06%. No US data will be released this afternoon, leaving the focus on the formation of a new government in Rome.
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The above comments do not constitute investment advice and neither IG Index nor SpreadBets.org.uk accept any responsibility for any use that may be made of them.
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"Equity Spreads: ITV Shares Higher as Broadcaster Increases Revenues" last update by AG, 14-Nov-2011
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