I had the same problem with my abs sensor cable coming loose and getting chafed on the wheel.
this black cable has a red and a yellow cable inside it.
In my case the yellow cable had been completely cut and the red one only slightly worn.
I stripped back the black cable to leave just the red and yellow cables.
taped the red cable with insulating tape then stripped back both ends of the yellow cable, wound the two copper wires together the insulated again with insulating tape.
I then clipped the cable back to the bodywork and when i turned on the ignition the ABS fault light cleared.
Mick
September 2009