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