ITV tops gainers amid takeover speculation

ITV topped today''s risers on the FTSE 100, gaining 6.77 percentage points to close at 48.80 pence per share.

The broadcasting company has been the subject of takeover speculation since lunchtime today, with a decision about BSkyB''s 17.9 per cent stake in the firm expected soon.

Other gainers included BAE Systems, which recorded an increase in its share price of 4.29 per cent to close at 462 pence per share.

Meanwhile, Petrofac also posted gains, up 20 points on its opening price of 558 pence per share.

This follows reports that the oil company will lead cuts announced by the Opec today. The oil group said that its member''s oil production would be cut to around half a million barrels per day.

Paul Horsnell, of Barclay''s capital told Reuters: "It also talks of strictly adhering to quotas, when we might have expected the trimming back in coming months to be done more discreetly."

Meanwhile, the index itself was down at the close by 11.65 per cent.