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br /> Goldman Sachs has knocked ITV off its “conviction buy” list on the back of macro uncertainty. Recent advertising indications have been softer than expected, and ITV is down 15.1 per cent since being added to the list in April. Key risks include an ad slowdown after the Olympics.

UBS holds its “sell” rating for APR Energy despite the company’s downgrades, saying it believes the stock is pricing in more than it should and preferring to wait for the firm to “get through its teething issues”. But UBS has cut APR’s 12 month price target from 860p to 690p.

JP Morgan has initiated coverage of Bumi with an “overweight” recommendation, saying the mining group is “heading in the right direction but prepare for a bumpy ride”. It is the “classic high risk, high reward proposition,” the broker said.