At 8.42am, the FTSE 100 index was up 12.8 points to 3,783.9, down from an early high of 3,789.4. At one point, it touched 3,751.7 in opening deals.
Media shares have been hit hard, along with the rest of the markets, as shares reacted to fears that the war in Iraq could last longer than anticipated because coalition troops faced tougher opposition than expected from Iraqi forces.
US commander Colonel John Peabody told Reuters: "We control the airport. It is a big area with a lot of buildings that need to be cleared, but it's ours."
However, investor confidence began to return yesterday in New York and this morning in London, with the news that the war looked to be drawing to a close, providing a welcome boost for the sector.
Aegis led the rise in UK agency shares. Shares in the owner of media-buying group Carat jumped 3.3%, or 2p, to 62.75p. Outdoor advertising firm Maiden rose 1%, or 3.5p, to 349p and WPP was up 3%, or 11p, to 375.25p.
Media shares were led by SMG, currently embroiled in a legal battle with former employee Chris Evans, who is suing them for loss of share options totalling £8.3m following his dismissal in 2001.
Shares in the owner of Virgin Radio climbed 6.8%, or 4p, to 63p. BSkyB jumped 3%, or 19p, to 663p and Daily Mirror publisher Trinity Mirror was up 2.2%, or 8.5p, to 402.5p.
Pearson, owner of the Financial Times, was up 3.7% to 536p, a rise of 19.25p.
The news failed to lift ITV companies Carlton Communications and Granada, who both blamed the war for poor advertising revenues at their annual general meetings last month. Granada was down 3%, or 2p, to 64.5p, while Carlton fell 1.2%, or 1.25p, to 99.75p.
In France, Publicis Groupe, owner of Saatchi & Saatchi, climbed 4.9% to €17.68, a rise of 83 cent. In the US, the Interpublic Group of Companies was also lifted, up 3.7% or 36 cents to $10.12 and Omnicom rose 3.9% to $56.56.
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