It’s small, it’s yellow but it may not be a lemon. Shares in Yell Group bounced 14 per cent as the UK directories publisher eased fears about possible covenant breaches while chucking in some pretty decent first-quarter sales growth. The company may have given the entire European media sector a lift; the index was slightly up against a flat wider market.

It needed a boost. The sector is at its lowest ebb, in terms of trailing price/earnings, for at least 15 years. While equity valuations drifted away into the stratosphere during the tech boom almost a decade ago, they have now gone through most floors that were thought to exist. We are in “the reverse of a bubble,” in the words of Pali International, a brokerage.