London shares closed higher on Tuesday, led by a surge in ITV shares after the television company’s latest trading update, dealers said.
The benchmark FTSE 100 index of major companies added 18.98 points or 0.33 percent to 5,786.25.
ITV jumped 8.99 percent to 94.60 pence in the wake of the Downton Abbey broadcaster’s announcement that revenues climbed 4 percent to £1.57 bn and cost savings are ahead of target.
“We have made further progress in reshaping and rebalancing ITV to ensure the business is more robust both commercially and creatively,” said chief executive Adam Crozier.
The London market was also lifted by gains on continental markets following better news for Greece, which managed to raise 4 billion euros via a bond auction to avert a messy default this week, traders said.
The prospect of an easing of the eurozone debt crisis helped lift the British banking sector and especially the state-rescued firms, as Lloyds rose 3.07 percent to 46.52 pence and Royal Bank of Scotland added 1.13 percent to 277.60 pence.
Vodafone sank 2.46 percent to 162.50 pence after the mobile phone giant said it slumped into a net loss of almost £2 billion in its first half, on massive writedowns linked to Spain and Italy.
The huge loss compared with profit after tax of £6.7 billion a year earlier, the company said in its earnings statement. Total revenue meanwhile dropped 7.4 percent to £21.78 billion in the first half.
Vodafone chief executive Vittorio Colao said the latest results “reflect tougher market conditions, mainly in southern Europe” which would continue to impact the company in the short term.
However he voiced optimism about the longer term owing to Vodafone’s growth in emerging markets such as India and Turkey.
Biggest loser was mining mammoth Anglo American, down 2.46 percent at 162.50 pence, while gas distributor Centrica shed 2.75 percent to 310.80 pence.
On the currency markets, sterling was steady at $1.5877 at 5:28 pm versus $1.5875 on Monday night but edged up to 1.2491 euros from 1.2478 euros a day earlier.
London shares close higher as ITV surges
