Reply #37: FTSE higher as utilities and telecoms stocks rise [View All]

[Ghost Dog]

http://mwprices.ft.com/custom/ft2-com/html-story.asp?pulse=true&siteid=ft&dist=ft&guid=%7Bfc5b127e%2D0807%2D4696%2Db11f%2D859b48a324b8%7D

London equities rose on Wednesday, with banking and telecoms stocks lending support. The FTSE 100 closed up 9 points, or 0.2 per cent, at 6,616.4 while the mid-cap FTSE 250 was 43 points, or 0.4 per cent, higher at 12,220.2. Vodafone jumped 3.6 per cent to 150.2p in heavy volumes amid fresh dealmaking speculation. While there were rumours that Verizon of the US was ready to bid for the rest of Verizon Wireless, the pair’s US joint venture, others put the rise in the shares down to hopes for Vodafone’s annual figures, due on Tuesday. Bid rumours also helped the water stocks amid speculation that Aguas Barcelona of Spain was eyeing a bid for Pennon, the owner of South West Water. Pennon gained 5.2 per cent to 691.5p while Kelda Group rose 2.9 per cent to 1001p.However, Tate & Lyle shed 6.2 per cent to trade at 591p despite a rise in profits as the sugar and sweetener maker said it expected any growth in operating profit at its sucralose division will be modest weighted to the second half.