LONDON -- Whatever stocks -- be they tech or otherwise -- you may have sold over the last couple of days, the market makers are now more likely to charge you a couple of pounds more to buy them back.

Following Wall Street's lead, the

FTSE 100

surged 155 points from the open, but has since retreated and was lately down 11.8 points at 6545.4.

On Thursday, a lot of money was withdrawn from the likes of

British Telecom

(BTY)

and

Vodafone AirTouch

(VOD) - Get Report

as institutions carried out a switching operation. The money was reinvested elsewhere in the market, in places like the banks and pharmaceuticals. So today those two stocks are leading the market higher, with British Telecom up 25p to 12.68 pounds and Vodafone up 13p to 365.

Reuters

(RTRSY)

is another case in point. Sold heavily Thursday, the shares rebounded 99p to 13.50 pounds before settling 24p higher at 12.75 pounds.

Pearson

, although slow off the mark this morning, was 222p higher at 24.05 pounds.

The banks continued to attract attention, with

Lloyds TSB

gaining 14p to 635 and

Barclays

(BCS) - Get Report

rising 28p.

The

Techmark

index of leading tech stocks rallied 148.5 points to 4930.8, with Thursday's sad cases today's happy bunnies.

Baltimore Technologies

staged a good comeback with a gain of 450p to 112.00 pound.

Psion

regained its composure with a rise of 184p to 52.49 pounds and

Arm Holdings

(ARMHY)

improved 216p to 41.88 pounds.

The major continental stock markets were following Wall Street, with the

Xetra Dax

in Frankfurt up 142.82 at 7726.78 and the

CAC 40

in Paris 62.64 higher at 6321.17

Deutsche Telekom

(DT) - Get Report

climbed 3.59 euros to 87.79 ($85.27),

Epcos

(EPC) - Get Report

was up 5.80 euros at 142.50,

Siemens

(SMAWY)

was 10.30 euros higher at 162.80, and

SAP

(SAP) - Get Report

was up 44 euros at 908.

Carmaker

BMW

was down 0.75 euros to 31 after formally announcing the sale of its embattled loss-making Rover unit. Other automobile makers were also lower, with

DaimlerChrysler

(DCX)

off 1.25 euros at 68.60 and

Volkswagen

(VLKAY)

down 0.27 euros at 44.31.

In Paris,

France Telecom

(FTE)

was up 12.30 euros at 187.30 and

Alcatel

(ALA)

was 7.80 euros higher at 228.