Footsie closing in on 6000 mark

The Footsie index of 100 leading stocks is up 46.9 points at lunchtime at 5988.4, and a strong start to trading in the US could send the London index above the 6000 barrier for the first time since early March.

Software group Sage is leading the way, rising 11% or 32p to 316p after saying it's on track to achieve 15% annual organic growth.

Others benefiting from a strong jump on the US Nasdaq market last night include computer services group Logica, up 90p at £10.60; its rival CMG, ahead 40½p at 478½p; and chip designer ARM Holdings, up 29½p at 411p.

Among the telecoms stocks performing well are Colt Telecom, up 25p at 860p; Telewest Communications, up 7p to 131p; and Marconi, up 19p to 414p.

But BT continues to slide, edging down ½p to 458p after its heavy falls yesterday - its first trading session after the start of its £5.9bn rights issue.

Shares in British Airways are up more than 6% or 20½p to 377p after Aussie boss Rod Eddington said profits had jumped from £5m to £150m.

Marks & Spencer is also reversing some of its recent losses, with shares up 5¼p at 262¾p after under-pressure Belgian boss Luc Vandevelde reported full-year results which, although a grim drop from last year, managed to beat analysts' hopes.

Investors also have an appetite for shares in catering group Compass. They're up by 5% or 26½p to 535p after the group reported strong interim results.

Another company benefiting from upbeat figures is National Grid. Its share are up 13½p to 575p after it pledged to raise its annual dividend over the next five years.

And record company EMI has seen its share rise by 9p to 448p after reporting a 5.7% improvement in pre-tax profits for the year to March 31 and pledging to go it alone after two rounds of aborted merger talks.