London midday: Investors eye ECB decision as stocks edge higher

- Investors await ECB decision- Successful bond auctions in France, Spain- Mixed reception to barrage of corporate updatesThe Footsie had traded within a narrow range in morning trade after a strong start ahead of a closely watch interest rate decision from the European Central Bank (ECB) due this afternoon.Expectations are for no change from the ECB but some observers believe that it is possible that ECB President Mario Draghi may hint at additional future easing measures. "Although we don't expect an announcement today regarding any specific planned easing measures, people will be looking for confirmation that the ECB are still open to further easing should the Eurozone require it, especially now that a number of countries have fallen into a double dip recession," said analyst Craig Erlam from Alpari.In domestic news, the service-sector purchasing managers' index for the UK compiled by Markit fell to 53.3 points in April, from the 55.3 in the month before. That marks the weakest pace of expansion seen since last November. Nonetheless, the index has now held above the 50-point mark for 16 consecutive months.Successful bond auctions in both France and Spain have lifted sentiment in Europe today with strong bid-to-cover ratios being seen for Spanish debt in particular - Spain raised €2.52bn, slightly past the top end of the target range. "The strong demand for Spanish bonds is a strong indication that people do not view the situation as similar to Greece; however it is not known whether the numbers are artificially high due to the support of the Spanish banks using the remainder of their LTRO money," Erlam said.FTSE 100: S&N rises strongly after Q1 beatProfits and margins at medical technology group Smith and Nephew beat both analysts' and management forecasts in the first quarter of 2012, leading to a strong rise in the share price. Banks were also providing a lift on the blue-chip index by lunchtime, with HSBC, Lloyds and Barclays registering decent gains.Leading the downside were resource stocks with Antofagasta being the worst performer after seeing production drop sharply in the first three months of 2012 as maintenance work, lower ore grades and technical problem hampered activity.Meanwhile, gold miner Randgold fell after revealing that both first-quarter profits and production decreased quarter-on-quarter as output was held back the political upheaval in Mali and issues in Côte d'Ivoire. Oil and gas group BG was also a heavy faller despite a sharp increase in net earnings in the first quarter as it said that its Jasmine field will not start production until 2013, compared with previous guidance of "the end of this year".Fund manager Schroders rose after seeing assets under management rise in the first quarter despite a dip in pre-tax profits and inflows. Insurance giant Legal and General disappointed the market with its first-quarter revenue figure, which were barely changed from a year earlier.FTSE 250: Kesa jumps after Darty Telecom disposal?Kesa Electricals rose strongly after saying that its Darty France business has entered into a new commercial agreement with Bouygues Telecom, under which Bouygues will acquire 99.9% of Darty Telecom. ??Paper and packaging firm Mondi was lower after operating profits fell from €179m to €120m in the first quarter with the group saying that the weaker trading environment last year continued into 2012.FTSE 100 - RisersSmith & Nephew (SN.) 626.50p +3.47%Lloyds Banking Group (LLOY) 32.66p +1.84%Aviva (AV.) 316.40p +1.70%Imperial Tobacco Group (IMT) 2,577.00p +1.70%HSBC Holdings (HSBA) 570.70p +1.66%Burberry Group (BRBY) 1,539.00p +1.58%Bunzl (BNZL) 1,063.00p +1.53%British Sky Broadcasting Group (BSY) 712.00p +1.50%Whitbread (WTB) 2,002.00p +1.47%Rolls-Royce Holdings (RR.) 853.50p +1.43%FTSE 100 - FallersAntofagasta (ANTO) 1,107.00p -4.49%BG Group (BG.) 1,412.50p -2.65%Legal & General Group (LGEN) 118.80p -2.46%Randgold Resources Ltd. (RRS) 5,240.00p -2.06%Kazakhmys (KAZ) 834.00p -1.88%Weir Group (WEIR) 1,652.00p -1.67%Rexam (REX) 426.00p -1.50%Morrison (Wm) Supermarkets (MRW) 276.70p -1.18%Rio Tinto (RIO) 3,399.50p -1.15%Vedanta Resources (VED) 1,196.00p -0.83%FTSE 250 - RisersKesa Electricals (KESA) 59.45p +6.16%Betfair Group (BET) 829.50p +4.41%Inmarsat (ISAT) 455.40p +3.01%EnQuest (ENQ) 130.90p +2.59%Bwin.party Digital Entertainment (BPTY) 154.00p +2.39%Logica (LOG) 78.75p +2.34%Dixons Retail (DXNS) 18.46p +2.05%Northgate (NTG) 204.10p +2.05%Imagination Technologies Group (IMG) 657.00p +1.86%Balfour Beatty (BBY) 269.60p +1.81%FTSE 250 - FallersHome Retail Group (HOME) 83.20p -4.97%Talvivaara Mining Company (TALV) 171.10p -3.77%Exillon Energy (EXI) 136.40p -3.67%Avocet Mining (AVM) 164.70p -2.83%Paragon Group Of Companies (PAG) 177.10p -2.64%Euromoney Institutional Investor (ERM) 808.00p -2.42%Genus (GNS) 1,424.00p -2.26%KCOM Group (KCOM) 71.65p -2.18%Spirit Pub Company (SPRT) 58.50p -2.09%Petra Diamonds Ltd.(DI) (PDL) 148.50p -1.85%BC