Shares in ntl end week higher

Renewed interest in the stock of ntl, Britain's biggest cable operator, saw the share price of the company end the week sharply higher.

From mid-February through to the end of March - when ntl released results showing a narrowed loss for 2002 - ntl's share price languished in a $9-$10 range, sharply down from the high of $26 seen immediately after the cableco exited Chapter 11 bankruptcy protection. However, with trade volumes recovering, the stock began a relentless rally around April 15; and the trend continued for the week beginning April 21 - in total, ntl stock ended the week higher by $3.59 at $17.51. The highest point the stock reached in this rally was $19.26 on Thursday April 24.

Reuters reports that "industry insiders" have said the increased volumes of trade - and recent strong gains in ntl stock - were likely due to a "few major investors buying into the stock now that any new bondholder owners uninterested in holding equity have unwound their positions in the company."