Vodafone shares advance as it lifts outlook

11th Nov 2010 10:28

Mobile phone provider Vodafone's share price has continued its slow ascent as it continues to defy its critics, posting earnings of 14.31p a share for the first six months of 2010 against market expectations of 9.17p.The company also announced that plans to sell its interest in Japanese wireless operator Softbank for £3.1bn as it looks to dispose of smaller assets to concentrate on other growth opportunities, while also reviewing its other stakes in France's SFR and Verizon in the US. Pre-tax profits rose to £8.24bn while the group raised its full year guidance from £11.8bn to £12.2bn. The past six months have been particularly good for the company's share price since finding a base around the 126.50p lows in May. The share price has traded steadily higher since making those lows with trend line support currently around 165p from the lows this year.The price still has some way to go before it is able to test the 2007 highs around 195p, however while above trend line support, as well as the September lows around 155p the outlook remains positive. Broker sentiment is also positive with eighteen "buy" recommendations and three "sell" recommendations.