LONDON -- Europe's stock markets posted modest gains ahead of interest rate decisions by the

Bank of England

and the

European Central Bank

. Both monetary authorities are expected to keep rates on hold. By midday the

FTSE 100

had moved tentatively 46.40 points higher to 6381.30.

Vodafone

(VOD) - Get Report

found itself back in favor, a day after announcing its investment in

China Mobile

(CHL) - Get Report

. The stock rose 10.5p to 260.25 ($3.79), enough to add 28 points to the blue-chip index.

Weakness in the FTSE 100's two major oil stocks,

BP

(BP) - Get Report

and

Shell

(SC) - Get Report

, kept the index in check. Front month brent futures dipped back below $30 a barrel. As a result, BP slipped 4p to 599 and Shell slid 7p to 564.

In the tech sector, the

Techmark 100

moved 11.35 points lower to 3730.21. Announcement of a rights issue from IT services company

Logica

weighed heavily on the technology index. Logica plunged 95p to

21.30.

Despite Logica's decline, it was not all doom and gloom for the tech sector.

Marconi

gained 24p to 924 after announcing it has accelerated its implementation of outsourcing. The company said this will allow it to respond faster to its customer needs.

Once again,

Freeserve

(FREE)

slipped 1.25p to 227. The market seems unable to make up its mind over conflicting broker opinions.

Lehman Brothers

is bullish on the stock, while

TheStreet Recommends

UBS Warburg

has lowered its price target to 220p from 300 in the light of the challenges the ISP currently faces.

Bookham Technology

(BKHM)

topped the FTSE 100 leader board, having bounced by 4.5% to

30.05.

Europe's other major stock markets were also higher Thursday. The

CAC-40

in Paris was up 19.70 to 6315.83 and the

Xetra Dax

in Frankfurt was up 82.43 to 6905.86. The

Neuer Markt's

tech-heavy

Nemax 50

index was 22.9 higher to 5001.2.

Telcos were mixed on the Continent, as

France Telecom

(FTE)

rose 1.00 euro to 121.30 ($106.04),

Deutsche Telekom

(DT) - Get Report

was off 0.18 euro to 39.42 and

Telefonica

(TEF) - Get Report

was up 0.41 euro to 23.85.

German blue-chip technology shares ignored

Dell's

earnings warning, as

Infineon

(IFX)

rose 2.52 euros to 57.60,

Siemens

rose 6.60 euros to 145.60 and

Epcos

(EPC) - Get Report

gained 1.35 euros to 93.35.