Shares in TalkTalk Telecom Group, Britain’s second-biggest broadband provider, are sharply higher on Thursday morning.
But if any broker tries to push the tired old Vodafone takeover story, tell them to xxxx off.
The reason for the move is connected to the FTSE reshuffle. Specifically a re-weighting. FTSE has increased the free float of the Carphone Warehouse spin-off to 75 per cent from 40 per cent.
Citigroup calculates passive FTSE 250, All-Share and World tracker funds will have to buy 14m shares as a result – that’s around 13 times average daily volume. The FTSE changes become effective after the close of play on Friday 18 March.
Related link:
The £160m FTSE 100 company – FT Alphaville