FRIDAY MARKET CLOSE: ITV fades as Footsie stumbles

Broadcasting giant ITV was the biggest blue-chip faller on the London market following a slump in US media stocks on Wall Street that dragged down the free-to-air broadcaster.

Picture: AP
Picture: AP

Shares slipped more than 3 per cent, as the wider FTSE 100 Index closed down 28.6 points at 6,718.49. It came after a relatively upbeat US jobs report for last month was seen as adding to the likelihood of an interest rate rise in September by the Federal Reserve.

Tony Cross. market analyst, Trustnet Direct, said: “The employment report from across the Atlantic may have fallen fractionally below expectations but the momentum is very much heading in the right direction and a September rate hike from the Fed remains on the cards.

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“The limited reaction across all asset classes however suggests that this has to a large extent already been priced in.”

The fall for ITV came after New York-listed media giants including Channel 5 owner Viacom and 21st Century Fox were hit in the previous session by signs that more people are cancelling cable TV.

ITV, which has been expanding its international content business, including acquisitions of US production studios, saw shares fall 9.3p to 262.6p. Fellow broadcaster Sky dropped 15p to 1,085p.

In contrast, commodities stocks, which have been under pressure amid a slump in metals prices, were on the up. Anglo American rose 25.1p to 800.5p, while Glencore added 3.9p to 203.2p and Antofagasta was up 9.5p to 589.5p.

Shares in delivery firm UK Mail were down sharply after it warned that annual profits will be as much as £10 million, or 50 per cent, lower than expected after problems with the relocation of its headquarters. The stock fell 14 per cent, or 75p, to 455p.