LONDON -- Well, you didn't have to be a rocket scientist to work out that Europe's markets would be higher Wednesday morning after a strong performance by Wall Street overnight.

The

FTSE 100

pinged up 59 points in the first few minutes of trading with tech stocks leading the charge, but by midmorning the index had lost some of its early sparkle and was 12.0 points higher to 6295.0. The

Techmark

index was up 66.6 points to 3591.4.

Some traders blamed the lack of momentum on the fact that the early morning markup had the effect of choking off potential investment. Buyers held off, hoping for an opportunity to play later.

Some techs were not just relying on the

Nasdaq

for their gains.

Psion

jumped 477p (US$7.58) to

33.00 before settling 277p higher at

31.00 on news that

Sony

(SNE) - Get Report

has agreed to license the company's Symbian software platform for use in its next generation of wireless devices. And

Baltimore Technologies

(BALT)

advanced 102p to

56.50 on the announcement that it is to provide managed services for

Identrus

, the e-business trust infrastructure for financial institutions.

British Telecom

(BTY)

rose 12p to

11.60 on news that it is to launch BTopenworld, a mass-market broadband portal with a high-speed Internet service, in July. Tuesday's market laggard,

Vodafone AirTouch

(VOD) - Get Report

, staged a tentative rally to stand 5p higher at 285, and

Colt Telecom

(COLT)

moved up 59p to

27.40.

Cable & Wireless HKT

(HKT)

gained 27p to

10.35 after

The Wall Street Journal

reported that

Singapore Telecom

and

News Corporation

(NWS) - Get Report

are considering a $30 billion bid for C&W HKT. The latter recently accepted an offer from

Pacific Century Cyberworks

.

Oils and pharmacueticals, two outperforming sectors in recent days, succumbed to profit-taking.

Shell

(SC) - Get Report

fell 9p to 499 and

BP Amoco

(BPA)

slipped 2p to 553p.

Glaxo Wellcome

(GLX)

was off 9p to

20.23 and

SmithKline Beecham

(SBH) - Get Report

was 2p cheaper at 890.

Europe's other bourses were higher, with the

Xetra Dax

in Frankfurt up 123.41 to 7403.92 and the

CAC 40

in Paris up 108.77 to 6429.06.

As well as the overall bounce in tech stocks, the fall in the euro against major currencies helped lift sales of major exporters. The euro fell to an all-time low of 91.65 cents to the U.S. dollar on Tuesday. Wednesday morning the euro stood at 92.11 cents to the U.S. dollar.

The Dutch electronics firm

Philips

(PHG) - Get Report

recorded a 22% gain in first-quarter sales last week. Its shares were up 0.50 euro to 48.80 (US$44.95). Other tech gainers included

Siemens

(SMAWY)

, up 5.33 euros to 156.93, and

SAP

(SAP) - Get Report

, up 39.30 euros to 641.00.

Nokia

(NOK) - Get Report

this morning announced that it has signed a contact to supply China's

Jilin Mobile Communications

with WAP solutions. Its shares rose 1.40 euros to 54.90 on the news.