Wall Street lifts the Footsie

The FTSE 100 Index has lifted 20.2 points to 5156.5 after a healthy finish on Wall Street last night.

Telecom stocks are providing most of the action, with mmO2 continuing its recent upward swing. Shares picked up a penny to reach 88¾p.

BT Group is the session's most heavily traded stock, gaining 2½p at 262¾p, while Vodafone has moved 1¾p ahead to 182¾p and Cable & Wireless has lifted 3p at 333p.

But Pearson tumbled 5%, sliding 38p at 768p, after warning of falling profits and more tough times ahead.

Despite Pearson's update, some media stocks are actually ahead - Daily Mail and General Trust gained 18p at 667½p while Granada has put on 3¼p at 139¼p.

Life assurance stocks, however, are on the way down with Friends Provident 6½p weaker at 198½p and Prudential off 5p at 782p.

CGNU has lost 16p at 824p and Old Mutual has shed 5p at 85p - the UK insurer said today the South Africa-based firm had pulled out of a deal to buy its Pakistani operations.

Outside the Footsie, Tibbett & Britten has fallen 3%, or 20p, to 600p after reporting that sluggish clothing sales had hit profits at its fashion division.

IMI has also lost out, dropping 3¾p to 254¼p despite saying it would meet its full-year targets.