Business

FTSE closes lower but ITV rises after bid report

Market trader (file picture) Image copyright PA

(Close): The London market lost early gains, but shares in ITV rose on speculation that it could be a takeover target.

ITV shares were nearly 3% higher after the Mail on Sunday reported that Comcast was thinking of launching an £11bn bid for the UK broadcaster.

The FTSE 100 index fell 17.58 points to 6,034.84.

Mining giant Glencore rose 2.7% to 83.05p after Citi raised its price target for the stock.

The investment bank increased its target to 160p from 130p.

Shares in Rolls-Royce fell 1.2% following an interview with the firm's chief executive, Warren East, in the Financial Times.

Mr East voiced "disquiet" about trading conditions at the firm's diesel engine business.

On the currency markets, the pound was flat against the dollar at $1.4890, and down 0.53% against the euro at €1.3636.