ITV helps FTSE to fine start

Broadcaster ITV drove the FTSE 100 Index to a positive start to the week today after bid speculation sent its shares soaring.

The stock advanced 5% or 6.75p to 131.5p after a consortium including Time Warner, Goldman Sachs and Apax Partners was reported to have made a approach for the company. It helped the Footsie move 6.2 points higher to 5167.2 in the first hour of trading.

Oil heavyweights BP and Shell followed ITV in the list of Footsie risers as investors continued to cheer the high price of crude. BP added nearly 2%, up 11p to 605p, while Shell advanced 7.75p to 560.75p.

Outside the top flight, builders’ merchant Travis Perkins fell 5% after saying its ownership of DIY firm Wickes had got off to a tough start as sales continued to erode. Shares were 101p lower at 1676p.