Investors remain cautious but hold out hope for eurozone agreementAfter falling to its lowest level since January, the FTSE 100 staged a mini-recovery to close the day barely changed.It was of course Greece which dominated much of the day, with investors growing more fearful the country would be forced to default and possibly leave the eurozone. However an opening rise on Wall Street - ahead of Wednesday’s US Federal Reserve meeting which will be scoured for clues about the timing of any interest rate rise - pulled European markests back from their worst levels. There was even a sprinkling of hope that a last minute deal could be reached between Greece and its creditors before the money runs out, and despite some defiant rhetoric from Greek prime minister Alexis Tsipras in parliament.Various Irish press reports suggest Liberty Global is the frontrunner to buy TV3, the Republic of Ireland commercial channel, from Doughty Hanson. We have seen TV3 valuation estimates of above €100m. This is way ahead of our original expectations of €70m-£80m....and endorses the attractiveness of broadcast assets in the Republic of Ireland. This is helpful for UTV Media, the owner of UTV Ireland (which is behind expectations). Continue reading...
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