Vodafone brings cheer to morning trade

Mobile operator reassures traders on J-Phone losses...

Mushrooming losses at Vodafone's Japanese operations will not affect the UK company's operating results - news that warmed the cockles of traders' hearts this morning. On the London Stock Exchange, Vodafone made gains of more than four per cent to hit 135.5p by late morning. Japan Telecom expects to turn in losses of $528m in the 12 months ending 31 March. This doesn't compare too favourably with its earlier forecast of a $15m loss. However, this revision of expected earnings won't impact Vodafone's operating results, the company says because it acquired its Japanese counterpart in the current financial year. Another telecoms gainer this morning was BT. Yesterday it finally announced it will cut its broadband prices. It consequently edged ever so slightly into the green. It was up initially by almost three per cent. By late morning, it settled at 1.5 per cent up to £3.75.