Eircom investors, who now find themselves holding Vodafone stock in payment for Eircell, will be pleased to see the company report first-half figures ahead of expectations this week.

First-half profits before interest, tax, depreciation and amortisation rose 46 per cent, ahead of forecasts, although the bottom line showed a loss.

Vodafone continues to trade at a discount to the rest of the mobile sector and remains the favoured stock in the telecom sector of Bloxham, which has reiterated its buy rating.