By Steve Goldstein, MarketWatch
Mobile phone operator Vodafone Group rose as much as 5% as the company lifted its guidance for the year.
Vodafone Group /zigman2/quotes/202484985/delayed UK:VOD -2.47% shares rose as the U.K.-based mobile-phone operator lifted its guidance for fiscal 2020 adjusted earnings to imply 2% to 3% organic growth. Its first-half organic adjusted Ebitda rose 1.4% on 0.3% growth in service revenue, helped by gains in South Africa, Spain and Italy.
On a conference call, Vodafone management defended the pricing of a wholesale deal it struck with Liberty Global’s Virgin Media last week, saying it was line with other deals.
Vodafone provided the largest upward lift to the FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -2.47% , which rose 0.54% to 7368.29.
Outside of the FTSE 100, B&M European Value Retail /zigman2/quotes/208742159/delayed UK:BME -2.50% tumbled 5.8%. The discount retailer experienced a worse than expected 2.8% decline in adjusted pretax profit as the company reported “continued disappointing financial performance in Germany” and slowing same-store sales growth at its U.K. stores.
Electrocomponents /zigman2/quotes/203378920/delayed UK:ECM -3.46% shares slumped 11.2% as the distributor of industrial and electronics products said the second half started with “modest growth” with “ongoing softness in electronics.”