Vodafone shares boosted by €0.5 billion buyback

Vodafone (LSE:VOD) shares traded up, closing Wednesday’s session 3.9% higher at 73.20p, with the news that it will reward shareholders with a €500 million (£430 million) share buyback.

The telco firm said this latest buyback programme will run until November 29, and will be managed by Goldman Sachs.

It is part of Vodafone's plan to return €2 billion to shareholders in the wake of the sale of its Spanish business.

Vodafone, which is making progress but remains in turnaround mode, continue to have a net debt pile of €33.2 billion (£28.5 billion), albeit that’s slightly less that this time last year.

As well as selling of its Spanish and Italian businesses, the telco is also cutting back its workforce.

A trading update last month showed that Vodafone’s plan is progressing as planed, but challenges remain.