The share price of BT has shot up today on the back of the news the company’s profits have risen, even though revenues were down.
As of 16:07 BST, its stocks were trading more than 12 per cent higher than at the start of the day. The share price has gone up by more than 35 points and now stands at 311.58.
This is less than a point away from its highest ever mark and according to Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, the company has “hit a sweet spot”.
He said: “Prospects for the company look extremely attractive. The company continues to generate high levels of cash whilst reducing its net debt.”
BT looks set to strengthen its place in the market in the coming years, as the company has recently launched three new sports channels that will go live later in the summer.
It also revealed BT broadband customers are going to be able to watch the channels for free.
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