European Midday Update: Vodafone Results Lift Markets

LONDON -- Vodafone (VOD Quote) lifted the spirits of dejected investors this morning.

Shares of the world's largest mobile operator were up 14.75p, or 6.5%, to 253 ($3.64) by midmorning after it reported better-than-expected results during the six-month period ended September. The company reported proportionate (taking into account all the stakes its has in partners) EBITDA of 3.3 billion, above analysts' expectations of around 3 billion. Proportionate figures reflect the group's stakes in its businesses around the world. Vodafone's early advance dragged the market up by 40 points so that overall, the FTSE 100 was up 73 points to 6348, while the Techmark 100 shrugged off the Nasdaq Composite Index's overnight fall to add 59 points to 3137.

Other telcos rose in Vodafone's wake. British Telecom(BTY Quote) rose 22.5p to 712. Alternative carrier Colt Telecom(COLT Quote) was up 64p to 16.64 and Energis(ENGSY Quote) rose 20p to 477 after it reported a 71% rise in EBITDA to 65.5 million. ...