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FTSE 100 rises, but ITV shares hit by US media sell-off FTSE 100 falls as ITV shares hit by US media sell-off
(about 4 hours later)
(Noon): ITV shares fell as the impact of the sell-off in US media stocks was felt across the Atlantic. (Close): ITV shares fell as the impact of the sell-off in US media stocks was felt across the Atlantic.
In the past couple of days, shares in US media giants Viacom and 21st Century Fox have tumbled on signs that their cable TV businesses are struggling.In the past couple of days, shares in US media giants Viacom and 21st Century Fox have tumbled on signs that their cable TV businesses are struggling.
Shares in ITV - which has been buying US production studios - fell 3%, making it the biggest faller in the FTSE 100, Shares in ITV, which has been buying US production studios, fell 3.38%, making it the biggest faller in the FTSE 100,
The FTSE 100 was 6.37 points higher at 6,753.46, having spent most of the morning in negative territory. The FTSE 100 was 28.60 points lower at 6,718.49, having spent most of the morning in negative territory.
Investors were expected to remain cautious ahead of the release of key US jobs data. New data showed the US economy added 215,000 jobs in July, while the unemployment rate held at a seven-year-low of 5.3%.
The monthly non-farm payrolls figures are seen as an important indicator of the strength of the US economy, and could influence the timing of a US interest rate rise. Analysts said the figures meant a US interest rate rise in September remained a possibility.
The US Federal Reserve head, Janet Yellen, has already said rates are likely to rise by the end of the year.The US Federal Reserve head, Janet Yellen, has already said rates are likely to rise by the end of the year.
In the FTSE 250, shares in bookmaker William Hill fell 7.3% after it reported a 35% drop in half-year profits, after being hit by changes to betting taxes. In the FTSE 250, shares in bookmaker William Hill fell 6.47% after it reported a 35% drop in half-year profits, after being hit by changes to betting taxes.
Among the small-cap firms, shares in UK Mail dived 13% after it issued a profit warning following problems with a move to a new parcel sorting facility. Among the small-cap firms, shares in UK Mail dived 14.15% after it issued a profit warning following problems with a move to a new parcel sorting facility.
The company said its full-year results would be "materially below current market expectations", with underlying pre-tax profit now expected to be £10m-£12m.The company said its full-year results would be "materially below current market expectations", with underlying pre-tax profit now expected to be £10m-£12m.
On the currency markets, the pound edged up 0.05% against the dollar to $1.5519 but slipped 0.05% against the euro to €1.4197. On the currency markets, the pound fell 0.32% against the dollar to $1.54640 and slipped 0.57% against the euro to €1.4123.