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British Telecom Stock Rises Ahead of Demerger.
Byline: Michael Clark
Nov. 14--The buyers came pouring back in for British Telecom today ahead of Monday's demerger of mobile phones arm mm02.
In heavy trading, they pushed the price 18 pence higher to 338 1/2 pence as more than 40 million shares changed hands. On the grey market, mm02 rose 4 1/2 pence to 80 1/2 pence while what will become the rump of the business, BT Group, rose 10 pence to 258 pence on a when-issued basis.
Because of its size, mm02, with a price tag of UKpound 6.1 billion, will automatically become a constituent of the Footsie 100. It just remains to see who takes the drop to make way for it. Those companies most vulnerable were pulling out all the stops today. They include British Airways, up 12 1/2 pence at 181 pence, GKN, 10 pence better at 291 1/2 pence and United Business Media, ahead 24 pence at 542 1/2 pence.
They liked the results from Cable & Wireless, which was the best performer among the top 100 companies, rising 27 pence to 373 pence. Profits were down but the market warmed to news of a special dividend and shares buyback. After all, it has about UKpound 5 billion on deposit at the bank. The City is still patiently waiting to see what it spends the money on.
Gossip in the Square Mile has suggested it may want to bid for Colt Telecom, up 151/2 pence at 180 pence, but Colt has just secured fresh funding. In recent days, the focus of attention has switched to loss-making Energis, 4 3/4 pence better at 89 3/4 pence, on the back of some bullish comments on yesterday's results by several brokers.
Vodafone firmed another 4 pence to 184 pence in the wake of yesterday's trading news. US securities house Morgan Stanley Dean Witter has raised its fair-value range to between 166 pence and 196 pence to reflect better margins. Bear Stearns has lifted its target price from 200 pence to 210 pence but ABN Amro has downgraded from add to hold.
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