Shares edge up as mmO2 rises 6%

The FTSE 100 is up 33.5 points at 5347.3 with economic news also having little impact on sentiment in the City.

The CBI followed the Bank of England last week in predicting lower growth for the UK economy next year but no recession.

And official figures revising UK GDP in the third quarter down to 0.5% were also in line with analysts' expectations.

British Telecom's mobile phone business mmO2 has continued its strong start, surging 6% or 5p to 90½p.

Vodafone is also on the up, rising 3¼p to 184¼p.

Media stocks are rising with BSkyB and Granada and Carlton buoyed by the news ITV1 and ITV2 will be made available on Sky's digital service.

Granada has surged 6% or 8½p to 145p while BSkyB has risen 15p to 833p. Carlton is up 3p at 235p.

BP has risen 12p to 536½p while Shell has climbed 11p to 503½p because Russia may agree to production cuts and so maintain the oil price.

Safeway reported a 9% jump in first half pre-tax profits but still its shares have tumbled 16p to 328¾p.

Sainsbury's is also off, falling 12¼p to 373½p as analysts raised concerns over its recovery programme.

Cadbury Schweppes is also having a tough day, down 5¼p at 444¼p, after stockbroker Morgan Stanley cut its price target.

FKI has drifted 8¾p to 176¼p after a drop in first-half profits was blamed on tougher market conditions.

The group also said it was facing an uncertain economic climate with customers unable to forecast future demand.

Computer services firm Dimension Data is off 3p at 89½p following its full-year results yesterday which failed to dispel concerns about its prospects.