Market Report: TV talks trigger a winning streak for football clubs

Even before the first shots of Euro 96 some spectacular goals are being scored in the stock market.

The fully listed football clubs surged to record highs as the battle to screen Premiership games was being decided by 20 club chairmen in Coventry.

Manchester Utd, the league and cup winners, romped ahead 32p to 463p; Tottenham Hotspur rose 23p to 461p and Chelsea Village, the company owning Chelsea FC, gained 3p to 66p.

After the market closed last night a deal with BSkyB worth pounds 670m over four years was clinched, far more lucrative than the pounds 60m a year the clubs get at the moment.

But the market is no longer content merely to evaluate what the television rights are likely to be worth. There is a growing suspicion that with the vast sums now involved the communication giants will, in the fullness of time, decide to demand a place at any negotiating table by buying successful clubs. The possibility of clubs launching their own television operations is also in the background.

The rest of the market failed to hold its best levels and the FT-SE 100 index ended 6.9 points higher at 3,760.3p. The interest rate cut triggered a token mark-up which, with little follow-through, quickly ran out of steam.

RTZ, the minerals giant, fell 23.5p to 967.5p as the market fretted about the collapse of the copper price, and Ladbroke lost some of its takeover appeal, falling 5.5p to 186.5p. The betting and hotel group was hit by reports that Hilton Hotel Corporation, the US group seen as one of its most ardent suitors. had lashed out $2bn on the Bally Gaming casino group. Such a deal leaves HHC with precious little time - and cash - to buy Ladbroke. But it could pursue its dream of uniting Ladbroke's international spread of Hilton Hotels with the Hilton chain it owns in the US through a trading pact.

Zeneca, the drugs group, enjoyed another heady run, up 18p at 1,379p, as takeover talk continued to swirl and Medeva jumped 30p to 261p on its pounds 240m US acquisition.

British Airways climbed 11p to 549p following a bullish presentation at ABN Amro Hoare Govett; National Power brightened 3.5p to 527p as stockbroker Greig Middleton said buy up to 600p.

Blenheim, the exhibitions group, soared another 42p to 451p as the market awaited the appearance of the signalled bidder and Johnston, a civil engineer, roared 105p to 478p as the acquisitive TT Group tendered for a 27.46 per cent stake at 500p. TT says the shareholding is a "strategic investment", which the market reads as platform for a bid.

Surrey Free Inns, earlier this week rumoured to be looking at the Tom Cobleigh pubs chain, jumped 36p to 268p, implying it could be on the receiving end of a bid. The shares have come up from 70p in the past year.

Aminex, with oil interests in the former Soviet Union, gained 5p to 64p as the International Finance Corporation, an arm of the World Bank, agreed to pump in pounds 4.2m at 60p a share and make loans up to $30m for the second phase of Aminex's Kirtayel Field development.

Megalomedia, the Saatchi vehicle, fell 2p to 102p as pounds 5m was raised through placing shares with Robert Fleming at 65p. OmniMedia, which has linked with Oracle to produce tools for video servers, gained 7p to 70p.

Mayflower Corporation's big US splash lifted the shares 12.5p to 129p and Firth, the steel group, continued to advance following its move into aircraft parts and stories that big contracts loom, gaining 3.5p to 68.5p.

European Telecom, a mobile telephone distributor, successfully dialled into the market - its shares reached 139p from a 115p placing. But a much more spectacular debut occurred on Ofex, the fringe share market run by JP Jenkins. Skynet Corporation, placed at 27.5p, surged to 73p. The company is hoping to develop a system to provide information, rescue and safety services to mobile telephone users.

Recently another Ofex share, Motion Media, a video telephone business, made a dramatic debut, going from 67.5p to around 240p in a few days. It is now 200p.

European Colour, the pigments group, firmed to 78p after producing figures slightly below market expectations - a 55 per cent gain to pounds 2.9m. Around pounds 3.4m is expected this year.

The group continues to seek acquisitions - it is talking to six companies and has 130 on its shopping list. Wyndeham Press edged ahead 3p to 228p after a 45 per cent profit advance to pounds 5.1m.

Start your day with The Independent, sign up for daily news emails
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Pricing Analyst

£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...

Guru Careers: C# Project Team Lead

£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...

Day In a Page

Blundering Tony Blair quits as Middle East peace envoy – only Israel will miss him

Blundering Blair quits as Middle East peace envoy – only Israel will miss him

For Arabs – and for Britons who lost their loved ones in his shambolic war in Iraq – his appointment was an insult, says Robert Fisk
Fifa corruption arrests: All hail the Feds for riding to football's rescue

Fifa corruption arrests

All hail the Feds for riding to football's rescue, says Ian Herbert
Isis in Syria: The Kurdish enclave still resisting the tyranny of President Assad and militant fighters

The Kurdish enclave still resisting the tyranny of Assad and Isis

In Syrian Kurdish cantons along the Turkish border, the progressive aims of the 2011 uprising are being enacted despite the war. Patrick Cockburn returns to Amuda
How I survived Cambodia's Killing Fields: Acclaimed surgeon SreyRam Kuy celebrates her mother's determination to escape the US

How I survived Cambodia's Killing Fields

Acclaimed surgeon SreyRam Kuy celebrates her mother's determination to escape to the US
Stephen Mangan interview: From posh buffoon to pregnant dad, the actor has quite a range

How Stephen Mangan got his range

Posh buffoon, hapless writer, pregnant dad - Mangan is certainly a versatile actor
The ZX Spectrum has been crowd-funded back into play - with some 21st-century tweaks

The ZX Spectrum is back

The ZX Spectrum was the original - and for some players, still the best. David Crookes meets the fans who've kept the games' flames lit
Grace of Monaco film panned: even the screenwriter pours scorn on biopic starring Nicole Kidman

Even the screenwriter pours scorn on Grace of Monaco biopic

The critics had a field day after last year's premiere, but the savaging goes on
Menstrual Hygiene Day: The strange ideas people used to believe about periods

Menstrual Hygiene Day: The strange ideas people once had about periods

If one was missed, vomiting blood was seen as a viable alternative
The best work perks: From free travel cards to making dreams come true (really)

The quirks of work perks

From free travel cards to making dreams come true (really)
Is bridge the latest twee pastime to get hip?

Is bridge becoming hip?

The number of young players has trebled in the past year. Gillian Orr discovers if this old game has new tricks
Long author-lists on research papers are threatening the academic work system

The rise of 'hyperauthorship'

Now that academic papers are written by thousands (yes, thousands) of contributors, it's getting hard to tell workers from shirkers
The rise of Lego Clubs: How toys are helping children struggling with social interaction to build better relationships

The rise of Lego Clubs

How toys are helping children struggling with social interaction to build better relationships
5 best running glasses

On your marks: 5 best running glasses

Whether you’re pounding pavements, parks or hill passes, keep your eyes protected in all weathers
Joe Root: 'Ben Stokes gives everything – he’s rubbing off on us all'

'Ben Stokes gives everything – he’s rubbing off on us all'

Joe Root says the England dressing room is a happy place again – and Stokes is the catalyst
Raif Badawi: Wife pleads for fresh EU help as Saudi blogger's health worsens

Please save my husband

As the health of blogger Raif Badawi worsens in prison, his wife urges EU governments to put pressure on the Saudi Arabian royal family to allow her husband to join his family in Canada