LONDON -- Usually when the U.S. sneezes, London catches a cold. But despite Kodak's profit warning the FTSE 100 was up a healthy 74 points Wednesday at 6287.2, buoyed by big oils, telecoms and pharmaceuticals. The Techmark index of leading technology shares was cautiously optimistic midday, 15.92 points higher at 3742.83.

A broad-based rally in telecoms heavyweights

Vodafone AirTouch

(VOD) - Get Report

and

British Telecom

(BTY)

shored up a market facing declines in a number of prominent media and technology stocks. Vodafone climbed 9p to 254 ($3.72), while BT recovered poise to crawl back into positive territory to trade 2p higher at 742.

Oil stocks also lubricated the tentative rally. In spite of continuing uncertainly surrounding oil prices,

BP Amoco

rose 4.5p to 605, while the shares of the other major UK integrated oils stock,

Shell

(SC) - Get Report

, rose 9p to 555.

Drug stocks shrugged off the bluster from politicians in America. Both incumbent President Clinton and hopeful Al Gore are making antidrug company noises, but

Glaxo Wellcome

(GLX)

climbed 29p to

19.93, while future partner

SmithKline Beecham

(SBH) - Get Report

rose 13p to 904. Anglo-Swedish giant

AstraZeneca

(AZN) - Get Report

looked fitter, also reversing yesterday's loss, to trade 75p higher at

35.30.

Technology stocks don't know whether they're coming or going. Investors dropped

Freeserve

(FREE)

in anticipation of first quarter results due tomorrow. The stock headed south, falling 7p to 247. IT services and software group

Sema

dipped 5p to

11.40. Meanwhile rival

Logica

rose 79p to

21.03.

The increased liquidity of

Bookham Technology's

(BKHM)

TheStreet Recommends

stock was showing no signs of reducing its volatility as its share price bounces back from a 70p fall in early trade to gain a remarkable 151p to

31.91.

Europe's other major stock markets were posting modest gains as well at midday Wednesday, as the

CAC-40

in Paris was 72.9 higher at 6366.9 and the

Xetra Dax

in Frankfurt was up 77.1 at 6842.1 late in the German session. The Neuer Markt's technology-heavy

Nemax 50

index, however, was down 24.8 at 5312.4, after the

Nasdaq Composite Index's

poor performance Tuesday.

Europe's largest Internet service provider

T-Online

fell 0.59 euros to 25.50 ($22.50) amid reports the company's chief financial officer was preparing to resign. The CFO's departure would be the third of member of T-Online's board to leave recently due to disagreement over strategy with the ISP's parent

Deutsche Telekom

(DT) - Get Report

. DT was up 1.10 euros at 39.50.

Other telecoms were mostly higher, with

Telefonica

(TEF) - Get Report

up 0.24 euros at 23.09 and

France Telecom

(FTE)

up 2.60 euros at 121.50.

KPN

(KPN)

, however, was down 0.77 euros at 25.18.

Lycos

(LCOS)

subsidiary

Lycos Europe

rose 0.68 euros to 10.68, after it was upgraded to strong buy by

Deutsche Bank

.

STMicroelectronics

(STM) - Get Report

was up 0.90 euros at 60.00 and software maker

SAP

(SAP) - Get Report

was up 9.10 euros at 280.50.