Market report: Thursday close

MOBILE telecoms operator

The company said it was not involved in takeover talks and has not received an approach, but that did not dampen the share-price rise, as it advanced 4p to 136¼p. Vodafone slipped 1p at 136p but BT moved ahead 1¾p to 230p.

With those three stocks among the FTSE 100's most actively traded, the telecoms rally helped keep the blue-chip index 4.1 points higher at 5113.2, despite an uncertain start on Wall Street where another interest rate hike is expected later today

GlaxoSmithKline moved up 3p to 1351p as it updated the market on its vaccines pipeline with a date for filing a European application for its Cerverix cervical cancer drug. The pharmaceuticals giant will apply in the first half of next year - earlier than expected.

Energy shares were mostly weaker in the wake of a 5% fall in oil prices since Monday's all-time highs. BP was down 6p at 581p and BG off 5¾p at 459p. But Shell rose 4¼p to 542¼p as it was revealed the Anglo-Dutch oil giant will avoid criminal charges from US prosecutors after an investigation into the overstatement of energy reserves last year because of its co-operation with the probe. Smaller oil stocks succumbed to selling pressure. UBS has lowered Cairn Energy, down 15p at 1348p, to neutral from buy, and Burren Energy, down 19p at 669p, to reduce from neutral following gains fuelled by oil-price rises that have seen both stocks outpace the sector.

ITV added ½p to 123p as it emerged it will share broadcasting rights for the 2010 and 2014 World Cup finals with the BBC. The independent broadcaster made headway yesterday after regulator Ofcom cut the licence payments it will have to make this year and beyond, prompting positive comments from brokers. Goldman Sachs has raised its fair-value rating to 132p from 126p.

PartyGaming advanced 10p to 149p as unconditional dealing started, opening the way for retail investors to buy the shares.

Marks & Spencer was up 1½p at 360½p as Lehman Brothers and Deutsche Bank said they see upside for the stock. Goldman Sachs said the company has gained ground on Next Group, up 27p at 1509p, in womenswear and menswear.

However, Lehman has an underweight rating on B&Q owner Kingfisher, 1p better at 246p, and on Dixons, ahead 2½p at 157p. JP Morgan has also reiterated its underweight rating on the electronics retailer, suggesting it has a fair value of 135p.

Bango, which produces technology to enable the provision of content to mobile phones, started trading on Aim, raising £7m via a placing of 5.2m new ordinary shares at 134p each. The firm has a market value of £35m and the shares soared to 170½p.

Central African Gold, chaired by ex-cricketer Phil Edmonds, reported its first full-year results today. The shares were steady at 3.25p after an upbeat statement from Edmonds on the potential of the 872 sq km area the firm has under licence in Botswana, based on comparisons with established deposits in South Africa and Australia.

White Nile (unchanged at 123½p), also controlled by Edmonds, has used similar speculative methodology to estimate that its South Sudan exploration acreage contains 5bn barrels of oil.