Sharewatch: ITV Climbs Following Investor Confidence

ITV performed well yesterday after comments and increased earning estimates from Credit Suisse First Boston buoyed investors. CSFB raised its 2004 and 2005 earning per share estimates by 13% and 19% respectively, leading to a boost of 1.11% in the broadcaster’s share price.

Commenting on ITV’s performance and projected earnings, CSFB said: “The most dramatic forecast change arises from the decision last week that Ofcom would permit ITV to renegotiate all its 11 licenses in 2005, as opposed to leaving five over in 1007″.”

Elsewhere, Aegis enjoyed a minor rise, creeping up by 0.57% to close at 87žp as the company announced the creation of a new media network, integrating its £564 million a year digital and interactive advertising business under a single umbrella brand (see Aegis Creates Global Network For Digital Marketing).

Embattled cable company Telewest remained unchanged yesterday, sticking at 1p despite the announcement of more competitive packages and marketing strategies to tempt customers away from satellite rival, Sky (see Telewest Sets Sights On Sky Customers With New Packages).

The FTSE 100 wavered yesterday, climbing in the morning but losing momentum to close down 0.1% at 4,403.3 by the end of trading. The FTSE 250 also disappointed, closing down 0.4% at 6,194.3.

The closing prices of media company shares on Monday were: