Market Report: Taking Stock

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The Independent Online
CanWest Global Communications, the family-controlled Canadian broadcaster, continues to raise its stake in Ulster TV, one of the last independently owned ITV companies. CanWest, which first bought into Ulster last month, snapped up another 500,000 shares yesterday, taking its holding to 8.38 per cent. Although the company insists it is not about to make a full bid, it is increasing the pressure on Scottish Media Group, which is expected to swallow Ulster.

Savoy Asset Management is hoping to ride on the back of the appetite for fund managers when it comes to the market today. The company, which specialises in fund management and stockbroking, has placed 1.5 million shares at 95p. Dealing is expected to open at 100p to 105p.