Footsie gains nearly 30 points in first hour

The FTSE 100 Index was up 29.1 at 5149 after an hour's trading.

The FTSE 100 Index was up 29.1 at 5149 after an hour's trading.

Vodafone has earned some breathing space as technology and telecoms stocks lead a rebound on the London market.

An upbeat trading update from US networking giant Cisco is helping sentiment after the Footsie fell more than 80 points yesterday.

Risers include Vodafone, up 3½p to 98¾p after testing four-year lows last night; and mmO2, up 2¾p to 47½p.

Among the tech shares, software group Sage is up 6½p to 195½p.

Major moves are also being made by media stocks, with Granada up 8¾p to 135¾p after the Government's Communications Bill raised the possibility of greater consolidation.

BSkyB is up 17p at 748p; and FTSE 250-listed Carlton Communications has lifted 15p to 268p.

The proposed legislation is also helping radio stocks, with Capital Radio up 70p at 855p; GWR ahead 15p at 276½p; and Chrysalis up 15p at 285p.

Elsewhere, easyJet's latest expansion plans got a warm welcome in the City. Its share price is up nearly 2% or 8½p at 445p after it outlined details of an option to buy British Airways' German subsidiary Deutsche BA.

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