ROME (Reuters) - Shares in commercial broadcaster MFE MediaForEurope rose as much as 10% on Thursday after a top executive said TV advertising sales in its key Italian market were heading for a solid final quarter.
Stefano Sala, head of MFE's advertising unit Publitalia, told Il Sole 24 Ore newspaper that sales in the Italian market were on track for an 8% rise in November after a similar gain the month before.
Milan-listed MFE B-shares rose after the comments and were up 8% at 1445 GMT against a 0.6% rise in the Italian All-Share index.
The figures provided by Sala prompted some analysts to upgrade their estimate for the company's full-year operating profit. JP Morgan lifted its forecast by over 10% to 329 million euros.
Controlled by the family of former Italian Prime Minister Silvio Berlusconi and previously known as Mediaset, MFE makes the bulk of its turnover in Italy by selling advertising space on its free-to-air channels such as Canale 5.
The final three months of the year are generally seen as the key quarter for broadcasters as they strive to collect commercials ahead of Christmas festivities. MFE is due to report its 9-month earnings on Nov. 23.
(This story has been refiled to add reporting credit)