The FTSE 100 index is up more than 15 points to 5,206 at present after nervous investors sold out yes...
The gains come despite falls in indices overnight on Wall Street and complaints by UK industry that not lowering rates further will continue to hamper any chances of recovery.
In New York the Dow Jones Industrial Average shed 26.23 points to 10,067.86 although Nasdaq's Composite index gained marginally by 2.35 points to 2,047.24.
Tokyo's Nikkei 225 dropped 96.84 to 10,441.59, as Hong Kong's Hang Seng index lost 42.81 to 11,213.26.
The rally in stock prices in London this morning was driven by smaller volumes, as many dealer are waiting for comments from Federal Reserve Bank chairman Allan Greenspan due later today.
Telecoms and Media stocks are among the leading rallyers, as Vodafone is up 3.25p to 167.75p, and Granada is up 3.75p to 144p.
Enterprise oil has also bounded up by 15.25p to 621.25p, continuing the volatility exhibited by the stock in recent weeks.
At the other end of the scale, Canary Wharf and Logica are being hit, down 13p to 431.5p and down 18p to 646p respectively.
Logica is being hit after reports yesterday that text messages within mobile phone systems are being dropped en route to recipients because systems cannot handle peak overloads.
And countering Granada's gains are the losses of Reuters and Pearson, which are down 10.5p to 689.5p and down 14p to 804p respectively.
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