Securities house Credit Lyonnais Financial Product (Guernsey) has expressed confidence in the newly listed Orange mobile phone group through the issue of 30 million American-style call warrants on the stock. The 18-month warrants' final exercise date is September 29, 1997. Priced at 48.4 pence, each warrant provides investors with the option of buying one Orange share at 225p. A warrant is a derivative that may be exchanged for a certain share at a predetermined price. Orange, 50.03 per cent owned by Hutchison Whampoa, started trading fully yesterday, after three days trading on a when-issued basis. Yesterday the stock climbed 2.5p to 228.5p, on volume of 8.8 million shares. The company is capitalised at about GBP2.4 billion (about HK$28.29 billion) and is expected to enter straight into the FTSE-100 index of leading London-listed shares after the exchange Actuaries Steering Committee meeting in June.