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Vodafone announces surprise buyback as GlaxoSmithKline delays payout LONDON (MarketWatch) -- U.K.-listed shares stepped higher Wednesday, helped by strong gains for banks and airlines as well as Vodafone Group's unexpected buyback, though pharmaceutical giant GlaxoSmithKline turned lower after saying it would delay its own stock repurchase. Vodafone shares gained 1.5% after the telecoms giant announced a surprise $2 billion share buyback. The company said the move was a response to the almost 14% drop in its share price on Tuesday, when it said revenue for the year would be toward the bottom end of its forecast range. "This action reflects the board's belief that the share price significantly undervalues Vodafone," the group said. Banks were the main sector supporting the U.K. index after strong gains for their Wall Street... [read full story]
