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STOCKS NEWS EUROPE-Telecinco up on short squeeze

Thu Oct 29, 2009 6:04am EDT

Stocks

   

Shares in media firms Telecinco (TL5.MC) and rival Antena 3 (A3TV.MC) rise sharply in a short squeeze after cost-cutting underpinned better-than-expected nine month results, and on an improvement in the advertising trend for Antena 3.

Telecinco and Antena 3 rise 6.6 percent and 10.5 percent respectively at 0950 GMT, versus a 0.33 percent gain in the DJ Stoxx Media index .SXMP.

"It seems they are over the worst," said an analyst at broker Ahorro Corporacion, who higlighted a healthier operating performance for both companies.

For more double click on [ID:nLT346030]

Reuters Messaging rm://elizabeth.oleary.reuters.com@reuters.net


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