mmO2 debut highlights mobile telecoms weight

Former BT mobile arm mmO2 made a splash on the stock market yesterday - though more for the sheer number of shares traded as opposed to any great gain in share price.

Some 434 million shares changed hands. In second place, volume-wise, was index heavyweight and consistent 'most-traded-stock' Vodafone, with a turnover of 190 million shares

The levels mean these two companies accounted for 20 per cent of overall volume.

Although yesterday's buying and selling represented many traders establishing initial positions in the company, there is plenty of speculation about mmO2's future as an independent entity, with takeover talk rife.

The group, formerly BT Wireless, is unencumbered by levels of debt other operators are straining under, but analysts remain cautious about mmO2 as a go-it-alone operator. Yesterday a research note by investment bank Nomura even referred to the company as "orphan Annie".