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FTSE climbs on recovery stories

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London's FTSE 100 index is up nearly 40 points to 5,159 this morning after reversing yesterday's los...

London's FTSE 100 index is up nearly 40 points to 5,159 this morning after reversing yesterday's losses.



The decision to leave interest rates unchanged in the US, good earnings news from tech bellweather stock Cisco Systems, and higher crude oil prices helped boost prices across the board.



Vodafone has climbed to the top of the leaders after analysts started questioning its new low prices as overdone, and have pushed it up 4p to 99.25p today.



Other telecoms stocks such as BT and MmO2 are also up, by 2.25p to 247.75p and by 3.5p to 48.25p respectively.



BP is up 2.5p to 578.5p after overnight trading in New York pushed the price of crude oil up again.



Peer Shell is also up, by 4.5p to 508p.



Among the losers, Reckitt Benckiser and Barclays are being caned today.



Reckitt's results yesterday saw rising profits, but the market today sold it down 21p to £12.29.



The UK's mid-cap stocks are also up today, as the FTSE 250 has gained 34 points to 6,161.



Leading the charge is Carlton Communications, up by 17p to 270p as the government's new broadcasting bill looks set to enable the firm to merge with Granada and keep Rupert Murdoch's mitts off ITV.



Dimension Data, once tipped for a FTSE 100 place, has gained 6p to 70p after yesterday's news from the US that Cisco Systems earnings are improving again.



Dimension is the biggest reseller of Cisco routers for internet traffic, so it too should see earning start to improve again.



Bottom performer in the mid-caps today is Galen Holdings, the specialist pharmaceuticals developer, which announced results today and the sale of its profitable clinical trials unit - shares are down 45p to 525p.



In New York yesterday, the Dow Jones closed up 28.51 points at 9,836.55, as investors were relieved by the interest rate decision.



Nasdaq's Composite index was unable to follow suit,however, dropping 4.66 points to 1,573.82.



Hong Kong's Hang Seng index is down 27.67 points to 11,768.31 today, while Tokyo's Nikkei 225 gained 204.71 to 11,520.75 by the close.





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