Footsie revives despite news shortage

The FTSE 100 Index has climbed 24.0 points during the first session of 2002 to reach 5241.4.

Yet the improvement came during a quiet day for updates and followed on from a 115-point fall on the Dow Jones Industrial Average on Monday.

Hi-tech stocks are making some gains with mmO2 sparking €0.031 at €1.41, Cable & Wireless putting on €0.095 at €5.375 and Sage jumping €0.127 to €3.78.

Logica has surged €0.47 ahead to €10.68 - a 5% hike - after unveiling a €319.05m contract to boost the British Crown Prosecution Service's IT operations.

Retailers are also making marginal gains as hopes grow that the sector could report strong Christmas sales.

Next has jumped 4% or €0.60 at €14.88, GUS has gained €0.03 at €10.32 and Dixons is up €0.15 at €3.90 .

Among the grocers, Morrison Supermarkets has put on €0.11 at €3.34.

Speedy Hire has lifted €0.06 at €4.73 after it revealed a €21.54m offer to buy building merchant Jewson's stand alone hire branches.

The deal will see Speedy, which joined the market last June, gain another 37 shops and bring its UK network up to more than 250.

But PHS has lost a penny at €1.42 after announcing a €10.21 deal to buy water dispensing firm UK Water.

And Cookson lost out despite completing the €60.64m sale of its plastic mouldings business - its shares have slipped €0.055 to €5.33.