Around the World's Markets: London

THE MARKET rose sharply as Wall Street's bullishness dispelled fears domestic stocks are overvalued. The FTSE 100 was 102.6 points up at 6,413.6 after the Dow followed its Wednesday high with a strong rally. Smaller indices followed; the mid cap ended 28.9 up at 5,792.3 while the small cap rose 22.8 to 2,508.3, its highest of the year.

Telecoms were in demand, boosted by talk of a merger between Cable & Wireless and France Telecom and of a sale of C&W's One2One.

Market report, page 21