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
PROMOTED VIDEO
Life and Style
Suited and booted in the Lanvin show at the Paris menswear collections
fashionParis Fashion Week
News
i100
Arts and Entertainment
Kara Tointon and Jeremy Piven star in Mr Selfridge
tvActress Kara Tointon on what to expect from Series 3
Voices
Winston Churchill, then prime minister, outside No 10 in June 1943
voicesA C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
News
i100
News
An asteroid is set to pass so close to Earth it will be visible with binoculars
news
News
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

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

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Tax Assistant

Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

Recruitment Genius: Outbound Sales Executive - OTE £25,000

£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...

Ashdown Group: Java Developer / J2EE Developer - Watford - £45,000 - £47,000

£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...

Ashdown Group: Marketing Product Manager - (Financial Services) - SW London

£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project