Vodafone's shares fell back today as investors locked in profits following a week of euphoria over the company's lucrative exit from the US market.
Shareholders will receive a £54 billion cash and shares windfall from the sale of the company's 45% share in Verizon Wireless, a deal which is the third largest transaction in corporate history.
Speculation over the sale had driven Vodafone's shares to their highest level since 2001, although after last night's confirmation the stock lost some of its froth today to stand 8p lower at 205.2p, a drop of around 4%.
The wider market was also subdued after its 1.5% improvement on Monday, with the FTSE 100 Index down by 8.3 points at 6498.1, despite another decent session for mining companies.
Property firms were among stocks under pressure, with Land Securities off 15.75p at 892.75p and British Land down 7.75p at 559.25p.
Hot on the heels of Vodafone's deal with Verizon Communications, Microsoft announced it is buying Nokia's line-up of smartphones and patents in a bid to capture a slice of the lucrative mobile computing market.
Investors in Nokia welcomed the deal, sending shares in the company up by as much as 40% in Helsinki.
The excitement in the technnology and telecoms sector extended to BT, whose shares set another multi-year high on the back of Monday's broker upgrade from Goldman Sachs and increased confidence over future consolidation.
BT's shares were 2.65p higher at 340.85p, a rise of 1%, while broadband company TalkTalk Telecom was 9.2p higher at 257.2p, leaving it near the top of the FTSE 250 Index after JPMorgan Cazenove raised its price target to 300p from 225p.
In corporate updates, shares in pub companies were in positive territory amid more signs that the sector benefited from strong trading this summer.
Shares in Greene King, which has around 2,300 pubs, restaurants and hotels, were half a penny higher at 849p after it said sales across its core retail estate rose 4.6% in the 18 weeks to September 1.
Larger rival Punch Taverns also reported an improving picture, with average net income returning to growth across its entire 4,000-strong leasehold estate.
Douglas Jack, analyst at Numis Securities, upped his full-year pre-tax profit forecast for Punch by 3% to £50 million after the company's fourth quarter trading update. Shares were 0.75p higher at 13p.