March 27, 2013 / 8:49 AM / 5 years ago

Mediaset shares up amid short covering on advertising outlook

MILAN (Reuters) - Shares in Italian broadcaster Mediaset (MS.MI), controlled by former Prime Minister Silvio Berlusconi, were higher in early trade on Wedesday as traders cited management comments of a possible stabilization of the advertising market.

    “Management yesterday indicated April as a possible turning point for the advertising market,” a Milan trader said.

    Two traders said the stock was one of the most shorted on Italy’s blue-chip index, adding the market was covering after Tuesday’s results.

    Mediaset posted its first ever annual net loss on Tuesday but said clients were anticipating a possible stabilization of the advertising market in the second half of the year.

    Reporting By Stephen Jewkes, editing by Danilo Masoni

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