Speculations...9 Feb 2026 12:22
Returning to the 84pence level, I personally don't believe there's any technical or psychological barrier here. Given the current volume and the minimal involvement of small investors (and the actual inflow of new investors) that influences the share price, ITV shares are in a classic stalemate - a slow upward trend controlled by large players. This trend is intended to provide an opportunity for a slow accumulation of shares in strong hands, and we've seen a similar situation before - although daily turnover after rejecting return orders or multi-million shares agreed-upon reshuffles was significantly higher, hovering around 2-3 million shares. As for the expected increase in interest from individual investors, it will be fueled by the upcoming dividend date and the inevitably approaching interest rate cuts. As a rule, a seasoned investor invests in a dividend-paying company a month to a month and a half before the dividend date. From the perspective of this group of individual investors, any speculation about Comcast and Sky plays practically no role in their investment decisions. A sustained (at least two or three trading sessions) breakout of the level at around 88 pence should be a technical and psychological barrier to breaking speculation, with increased volume and, above all, the number of transactions. This situation will trigger a return to the market of ITV shares by medium-term dealers guided by technical indicators. At that point, we will likely reach a level of at least £1-1.20, regardless of the negotiations with Sky, which could only fuel the market. In the background, as is typical in such situations, there will likely be positive reports and assessments of ITV's financial situation, expected profits in 2026, prospects for valuation increases, and ultimately, the sale of individual components or the entire company. And I have no doubt that this will fall on fertile ground. The expansion of American capital leaving the US in search of lucrative investments and securing the value of their investment portfolios is clearly accelerating. The year 2025, through the increased erosion of the dollar's value and, above all, a decline in confidence in its stability, has set the course for expansion, which will undoubtedly continue and be strengthened in 2026. As I've already said, Comcast, in my opinion, has little choice. It will also pay much more than it offered at the beginning of the negotiations. It will either pay or be forced to compete for market share by acquiring numerous small companies, facing the need to consolidate them.