Telefonica deal boosts China Netcom, Unicom shares

Shares in China Netcom jumped almost 6% after Spain's Telefonica had agreed to expand its stake in the Chinese carrier by 5.74% for up to €802 million, a Reuters report said.

Shares in wireless operator China Unicom, which is merging with Netcom under a government-orchestrated reorganisation of the world's largest telecoms industry, also gained 5.2% in the afternoon, the Reuters report said.