Reuters: Hot Stocks: Vodafone nudges up Britain's FTSE 100 index

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Vodafone nudges up Britain's FTSE 100 index Nov 6th 2013, 15:37 Share this Email Print Reprints Wed Nov 6, 2013 10:37am EST * FTSE 100 edges up 0.1 pct * Vodafone lifted by merger speculation * Vodafone rise adds most points to FTSE 100 index By Sudip Kar-Gupta LONDON, Nov 6 (Reuters) - Britain's benchmark equity index edged higher on Wednesday, buoyed by Vodafone as merger speculation lifted the telecoms group and helped push the market back towards five-month highs. Some traders said the UK stock market may not make much ground in November as some investors look to sell equities in order to cash in profits after a rise in October, although most still expected the market to rally into the end of 2013. The blue-chip FTSE 100 index was up by 0.1 percent, or 7.41 points, at 6,754.25 points in late session trade - edging back towards last week's five-month peak of 6,819.86 points. "There's a bit more in the rally. It probably will grind up between now and the end of the year, towards 6,900 points," said EGR Broking managing director Kyri Kangellaris. Vodafone rose 1.1 percent to add the most points to the FTSE 100, as analysts at brokerage Bernstein increased their price target on the telecoms group on the back of speculation of a possible merger with American peer AT&T. Vodafone sold its stake in Verizon Wireless (VZW) to its joint venture partner Verizon Communications Inc for $130 billion in September, leaving it with a pan-European business spanning Britain to Romania and operations in the Middle East and Africa. AT&T has had an eye on Europe since the beginning of the year and has considered options including Vodafone, bankers have previously told Reuters. "Operationally and strategically, both AT&T and Vodafone are experiencing a rough patch. The possible mega merger between the two that could be a welcome distraction for both appears to have the same momentum as the VZW/Vodafone deal earlier this year," Bernstein said in a note. The FTSE 100, which hit a 13-year high of 6,875.62 points in late May, is up by around 15 percent this year. APS Alpha technical strategist Adrian Slack said any pullback in November could push the index down to 6,600 points but he felt this would then be followed by a rally in December that could see the index end 2013 at around 6,900 points. (Additional reporting by Toni Vorobyova; Editing by Susan Fenton) Link this Share this Digg this Email Reprints

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