Rate cut hopes and Cisco figures boost Footsie

At morning trade the FTSE 100 was up 47.3 points to 5256.4. The city was in good mood anticipating a half-point cut in US interest rates to be announced today by the Federal Reserve. Technology stocks were also lifted after bellwether Cisco Systems said sales declined less than expected and fiscal-first quarter profit had beaten expectations. UK index heavyweight Vodafone propped up FTSE 100 gains with a rise of 6p to 172p. Marks & Spencer also fared well as it posted a gain of 9p to 310p, the retailer reported a first-half net income of £144.2m compared with £120m the previous year. ...