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Stockwatch Daily: Telecoms take a hit as Orange sets share prices

Today's news is led by the announcement of the share pricing range for France Telecom's flotation of its mobile phone subsidiary, Orange.

By Kate Hanaghan

Published: 22 January 2001 10:05 GMT

According to the Financial Times the range will be set at E11.50 (£7.30) to E13.50 (£8.60) per share.

Market capitalisation of the mobile phone operator has been lowered considerably as France Telecom approaches the flotation with caution. Orange is valued at between E55.2bn (£35bn) and E64.8bn (£40bn) down from an original prediction of between E100bn (£63bn) and E150bn (£94bn). Estimates in the UK press suggest that 500,000 private investors have already pre-registered for a stake in the company.

The rest of the telecoms sector has opened disappointingly as investors air their concerns about Orange's lowered valuation. Vodafone dropped three per cent during early trading this morning.

Letsbuyit.com continues its decline on the Neuer Markt with its price dropping over 39 per cent upon opening to E0.17 (10p).

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