Sector movers: Competition fears hit Vodafone
Competition in the already cut-throat world of mobile phones has got a little fiercer after AT&T and Verizon Wireless yesterday revealed flat-rate subscriptions in the US for unlimited calls.
Vodafone, which owns 45% of Verizon Wireless, is sharply lower today. Today's fall follows a decline yesterday that was sparked by a downgrade from Goldman Sachs. The US investment bank trimmed its price target for Vodafone, citing concerns over the US economy and competition issues in Europe.
Shares in Rexam advanced after the consumer packaging group said it would return to profit growth in 2008.
The group expects to see continued top line growth across its portfolio this year, notwithstanding the economic outlook and the inflationary input cost environment.
Rexam added that it will realise the synergies from its recent acquisitions and continue to deliver savings through a focus on operational efficiency.
Last year, however, was "challenging" for Rexam, said chairman Rolf Borjesson.
Underlying pre-tax profit fell to £245m in 2007 from £264m last year, while sales from ongoing operations rose to £3.57bn compared to £3.2bn previously.
Top performing sectors so far today
General Industrials 2,492.10 +1.35%
Aerospace and Defence 3,280.90 +1.11%
(Article continues below)Advertisement
Industrial Metals 7,352.00 +0.48%
Oil Equipment Services & Distribution 15,016.90 +0.12%
Health Care Equipment & Services 4,095.60 +0.07%
Bottom performing sectors so far today
Mobile Telecommunications 3,712.50 -3.92%
Technology Hardware & Equipment 207.30 -3.31%
Industrial Transportation 3,175.80 -2.42%
General Financial 7,456.80 -2.23%
Personal Goods 7,509.00 -2.16%
