ITV's share price has fallen below 30p for the first time in a day of trading that also saw Sir Martin Sorrell's marketing services company WPP hit a year low of 310p.

The broadcaster hit an all-time low of 28.25 at 10.35am this morning, leaving ITV's market capitalisation at just £1.2bn.

Concerns were raised yesterday over the extent of ITV's pension fund deficit, which stood at £221m at the end of June and could result in the broadcaster having to inject more than it agreed last year and potentially cut its dividend.

Later in the day, ITV's share price rallied a little to 29.25p at 4.15pm, down 0.75p or 2.5% on yesterday's closing price.

In July, fears over the scale of pension fund schemes caused Trinity Mirror's share price to slump.

WPP hit a 52-week low of 310p at 2.55pm today. The company, which owns ad agency networks including Ogilvy and JWT, recovered slightly to 315.75p by 4pm. This was down 19.25p, about 5.75%, on yesterday's closing price.

Last week an analyst note cut WPP's profit forecast by 15% next year and 32% in 2010.

However, today Credit Suisse put out an analyst note rounding up the prospects of the major listed European agency groups that painted a comparatively upbeat picture for WPP's prospects.

The report considered that WPP was better placed to ride out the downturn than in the last advertising slump in 2001-2002 and said that with 22% of revenues coming from emerging markets the group has good "geographical diversification".

"In common with the other agencies WPP offers considerably lower than average structural risk among media names, being media neutral and less exposed to the negative long-term outlook of newspapers, magazines and directories. Albeit a degree of short-term caution is necessary in the face of slowing ad growth," Credit Suisse added.

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