ITV led gains on the FTSE 100 index this morning after reporting a strong autumn performance thanks to the Rugby World Cup and The X Factor.
Shares in the broadcaster climbed 2.15p, or 3.4%, to 68.8p. The 1% rise in TV ad revenues in the third quarter beat its own expectations and was also ahead of the TV advertising market. But the company also predicted a tough Christmas and 2012.
"All progressing to plan," said Patrick Yau at Peel Hunt.
The trading statement from ITV today confirmed that the company remains on-track with its recovery plan, supported by a strong advertising performance ahead of the TV market as a whole. Other parts of the business are also responding well to change; ITV studios has been active on the commissioning and international sales front and the audience metrics around itv.com show a marked recovery. Although the outlook is cautious in the near term, longer-term prospects look good.
Admiral Group, which insures more than one in 10 cars on Britain's roads, was the second-biggest riser. Its shares bounced back 23.5p to 863.5p after suffering heavy losses last week when a jump in injury claims forced the company to issue a profit warning.
Other big risers included artificial hips-and-knees maker Smith and Nephew, Britain's second-largest insurer Aviva and banking shares Royal Bank of Scotland and Lloyds Banking Group.
The market as a whole was little changed, despite the appointment of Mario Monti as prime minister-designate in Italy. The FTSE edged up less than a point to 5545.
