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Sector movers: ITV, BSkyB weigh on media stocks

Wed, 14th May 2014 15:08

Shares in broadcaster ITV dropped by nearly six per cent on Wednesday after the company underwhelmed with a first-quarter update, dragging the UK wider media sector lower.The company more or less met analysts' forecasts with total external revenues up 2% to £585m in the first three months of its financial year. However, the ITV Family share of viewing figures were lower than expected.In a research report titled 'More Zzz than X Factor', Investec Analyst Steve Liechti said that the first-quarter statement "looks OK [...] but some bulls may have wanted more".Liechti maintained a 'hold' stance on the shares, saying that the stock's valuation "looks quite full versus media peers". Meanwhile, Brenda Kelly, Chief Market Strategist at IG, said that investors were "turning off their sets following a stellar rally in 2013". The shares, which had risen by a total of 83% last year, were down 5.6% at 180.36p by 15:22 on Wednesday and now stand around 7% lower than where they were at the start of 2014.Sector peer BSkyB was continuing to trade lower after confirming on Monday that it is in talks with 21st Century Fox about buying the latter's interests in Sky Deutschland and Sky Italia.The potential deal, which is thought to be part of a move to create a larger 'Sky Europe' business, is said to have disappointed some who had expected Fox to bid for BSkyB itself.BSkyB was down 1.8% in afternoon trade and has now fallen 5.4% since the start of the week.Others in the sector such as WPP, Motive Television, Daily Mail and General Trust, UTV Media and ITE Group were also trading in the red on Wednesday.Top performing sectors so far todayForestry & Paper 11,320.70 +1.94%Electricity 9,686.97 +1.12%Industrial Metals & Mining 1,257.32 +0.62%Gas, Water & Multiutilities 6,000.98 +0.61%Beverages 14,180.50 +0.59%Bottom performing sectors so far todayTechnology Hardware & Equipment 1,075.95 -1.52%Software & Computer Services 1,176.71 -1.36%Media 5,971.67 -1.23%Electronic & Electrical Equipment 4,117.34 -1.04%Oil & Gas Producers 8,629.87 -0.87%BC

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Sector movers: ITV, BSkyB weigh on media stocks

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