Sector movers: Vodafone rises on Greek deal

Telecommunications stocks were heading north on Thursday with sector giant Vodafone rising higher, two days after it confirmed that it is talks to merge its Greek telecoms business with privately-owned rival Wind Hellas.Discussions with Largo Limited, the owners of Wind Hellas, were said to be at an early stage but there is no certainty as to whether an agreement will be reached, the Vodafone statement said.Reports in the press have suggested that a tie-up between the two firms would create a mobile phone duopoly in Greece. According to the Telegraph, Vodafone Greece has some 30% of the Greek mobile market (by revenue) and when combined with Wind Hellas's 20%, it would take half the market, with the remainder being held by main fixed-line operator Cosmote Mobile.This has spurred concerns that the deal may be seen as anti-competitive by competition watchdogs in Athens. Swiss regulators last year blocked a deal between France Telecom and TDC that would have created a duopoly in the country's market.Nevertheless, the FTSE 100 giant made gains in the afternoon, heading 2.14% higher to 164.45p by 14:25. Blue chip and sector peer Inmarsat, which operates a global satellite network, also rose, gaining 0.83%.Among the worst performing sectors was the mining sector, which tracked metals prices lower. Copper, gold and silver prices were down 1.21%, 0.17% and 0.14%, respectively. Xstrata, Fresnillo and Rio Tinto fell.Xstrata was also out of favour after its copper division - along with Goldcorp and Yamana Gold - worked out a deal that will enable their joint venture, Minera Alumbrera, the exclusive option to acquire Yamana's 100% interest in the Agua Rica project. Small cap diamond miner Namakwa was also providing a drag after it dived following the departure of its chief executive. The firm also announced other major changes - including other board room amendments and a possible sale of its Congo mining assets - after a strategic review.BCTop performing sectors so far todayMobile Telecommunications 3,731.69 +2.04%Fixed Line Telecommunications 2,083.98 +1.17%Banks 3,604.55 +0.94%Tobacco 31,269.26 +0.58%General Retailers 1,526.67 +0.35%Bottom performing sectors so far todayAutomobiles & Parts 4,608.33 -2.43%Personal Goods 21,756.64 -1.49%Mining 22,140.17 -1.39%Forestry & Paper 5,816.53 -1.28%Industrial Metals & Mining 5,919.08 -1.15%