The FTSE is up 47 points at present at 5,071 after investors bought back into stocks that slipped he...
The FTSE is up 47 points at present at 5,071 after investors bought back into stocks that slipped heavily since Monday and on views that the index below 5,200 is moving towards oversold territory.
Factory controls supplier Invensys and software developer Logica are two of the biggest rebounders.
Logica is up 19p to 428.5p after brokers said it was oversold yesterday in the wake of a trading statement.
Invensys was pummeled earlier this week because of its proposed restructuring plan, but today is up 5p at 94p.
A positive note on telecoms from Dresdner Kleinwort Wasserstein yesterday and a positive trading update of one of its subsidiaries is pushing Vodafone up 4.25p to 130.25p.
On the losers side, there is heavy representation from defensives, as Brambles, Abbey National, Compass, AngloAmerican and British Gas are all being sold down.
Abbey's results out today paint a cautious picture for the rest of the year, which has pushed shares down 16.5p to 978.5p.
UK mid-caps are also doing better today, the FTSE 250 index up 25 points at 5,752.
The telecoms sector is storming back after Energis confirmed it is to meet bankers today, which is also pushing up Telewest, Marconi, and telecoms testing equipment company Spirent
Energis leads the FTSE 250 gainers with a 1.25p gain to 14.5p.
Another surprising gainer is the Fleming Japan Investment Trust, valued at more than £300m, which has jumped 8p to 177.25p.
The rebound comes after Tokyo's Nikkei 225 index climed 461.29 points, more than 4%, to 10,295.42 last night.
That climb followed New York's close when the Dow Jones Industrial Average climbed 196.03 points to 9,941.17 points.
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