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Draghi boosts FTSE; C&W soars on Liberty talks

Mario DraghiThur: London closed higher after earlier declines as the European Central Bank’s president fuelled hopes of further stimulus.

Mario Draghi (left) said the bank will re-examine its quantitative easing programme in December and would consider extending €60bn monthly purchases past the planned 2016 September if needed.

The FTSE 100 closed up 0.4% at 6,376.28 points, with the pound’s strength against the euro counteracting renewed appetite for equities following Draghi’s comments.

Shares in Cable & Wireless Communications shot up 21% before Liberty Global confirmed after the market closed that it was in talks over a possible £3.7bn takeover of the London listed company.

Any deal would give Liberty, which is backed by billionaire John Malone, access to  the Caribbean and Latin America, where Cable & Wireless has a strong presence.
In September, Liberty abandoned talks with Vodafone about a swap of business assets.

 was also up after French peer Orange lifted its 2015 earnings forecast and posted third-quarter revenue that beat analysts’ expectations. Sales at the telecom company were up 4.9% from the same period a year ago to €10.3bn.

Debenhams gained after posting growth in annual pre-tax profit thanks to solid progress made against its strategic targets.

Ladbrokes raced higher as the bookmaker’s third-quarter results met forecasts.

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