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FTSE trades in green, Vodafone gains 5.6%

FXStreet (Mumbai) - The UK equity index gained strength after a better-than-expected results from Vodafone PLC pushed the telecommunication stocks higher. However, the index is retreating as major sector stocks pare gains.

The Ftse is trading 0.11% higher at 6618.30, compared to the previous session’s close of 6611.25. The index breadth is positive with an advance decline ratio of 64:36. Shares in the world's second-biggest mobile operator Vodafone gained 5.69% after the company revised its forecast for core earnings higher. tHe company also reported a sharp rise in its third-quarter revenue. Other top gainers in the index includes stocks like Sainsbury, Land Securities, Easyjet, and Babcock. Meanwhile, Tullow Oil is down 4.27% tracking a slump in the oil prices. Fresnillo, CRH, and Sports Direct lost 2.5% each.

Among the sectors, the Ftse 350 telecom index declined 1.43% despite a strong performance from Vodafone PLC. The Ftse 350 mining index and Oil and Gas index retreated 1.86% and 1.54% respectively.

Ftse Technical Levels

The index has an immediate support at 6608, under which the prices can fall to 6587 levels. Meanwhile, resistance is seen at 6633 and 6658 levels.

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