Around the World's Markets: London

SHARES CLOSED higher but below their best levels. Footsie, at one time up 77.5 points, ended 47.3 firmer at 5,510.5. The mid cap index rose 9.2 to 4,835.6 and the small cap managed just token headway. The market was encouraged by hopes of another cut in US interest rates.

Vodafone, the mobile phone group, was the best performing blue chip, rising 41.5 to 851.5p, ahead of today's figures and a higher valuation for its soon-to-be floated Greek offshoot.