Footsie starts the week in positive mood
The Footsie index of 100 leading stocks is up 34.5 points by mid-morning to stand at 5844.1, recovering some of last week's losses.
Although analysts have played down rumours that US telecoms giant Cisco Systems may be poised to bid for Marconi, the UK telecoms equipment group has seen its shares rise by 6% or 19p to 357p.
Marconi has been joined on the Footsie 100 leader board by several tech and telecoms counterparts, with investors buoyed by the strong performance of the Dow Jones and the Nasdaq on Wall Street on Friday night.
Among the main beneficiaries are computer services group Logica, up 16p to 906p; chip designer ARM Holdings, up 12½p to 353½p; and software group Misys, ahead 14½p to 566p.
Media stocks are also making headway as a result of the US gains, with Granada up 5p to 175p; and Reuters up 14p to 994p.
Shell and BP are enjoying a good start to the week, rising 4½p to 636p and 7½p to 625½p respectively, following news that Iraq is to stop oil sales after the United Nations decided to extend its oil-for-food programme by only a month.
The oil companies' involvement in a £10.6bn deal to develop a Saudi Arabian gas field bigger than Ireland is also providing support.
Those losing ground include retail group GUS, which reports its final results tomorrow. The group, which owns catalogue chain Argos, has dropped 3½p to 586½p on fears it may decide to delay the flotation of its upmarket fashion house Burberry.
Airports operator BAA has edged up 1p to 621p after posting a healthy 15% jump in full-year profits.
Meanwhile, Uniq is unchanged at 207p despite its full-year profits being wiped out by a downturn at its Malton Foods division. The chilled foods group's pig processing arm dived into the red, hurt by the impact of foot-and-mouth disease and swine fever.
