Marconi share price shocker

NEWS Troubled telecoms equipment maker Marconi saw its share price rise 14 per cent on Monday, as hedge funds began to close the short positions, which helped drive the company from its lowest level since 1977. The hedge funds are understood to have bet a great deal on a fall in Marconi's share price after its profits warning and boardroom takeover last week, accounting for an estimated 30 per cent of trading in the shares. The shares rose 4p to 33 1/2p, but this is a fraction of the £12.50 reached a year ago. As of 10:50(BST), Marconi's shares were up 14.93 per cent at 38.84p.