Losses by oil heavyweights and a spate of profit-taking brought the recent rally by the London market to an end today.

Broadcaster ITV led the FTSE 100 Index to a positive close today despite conflicting signals over the likely path of interest rates.

Investors applauding cuts in the amount broadcasters pay for TV licences helped ITV to become the hottest stock in London today.

Broadcaster ITV was today offered deep cuts in its licence fee to help it cope with the challenge of the digital age.

The owner of ITV franchises Grampian and Scottish Television today said it had done a deal with the newly-merged ITV group to insulate itself against falls in advertising income.