UK stocks : FTSE 100 adds 0.4 pct

Dec 19 2012, 05:02 IST
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SummaryThe FTSE 100 closed up 23.75 points at 5,935.90.

year.

VODAFONE VULNERABLE

Fresh falls by market heavyweight Vodafone, down 1.1 percent, was again the main drag on the blue chips, with the stock extending Monday's 1.7 percent decline and knocking nearly 4 points off the index on concerns about higher costs for mobile operators after the Dutch state raised much more than expected in its auction of fourth generation (4G) frequencies.

"We doubt other remaining European auctions will reach Dutch levels, but to be conservative we have raised our forecast for Vodafone spectrum payments to 9.25 billion pounds (from 8 billion pounds)," over fiscal year 2013 to 2016, Credit Suisse said in a note.

Vodafone also suffered as a defensive stock when investors' risk appetite returned. Defensively-perceived sectors such as drinks and tobacco stocks - which tend to do well even in harsh economic times - were also weak.

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