In London on Wednesday, the FTSE 100 gained 1 percent to 5,011.0, the first time it had crested the 5000 level since March 15. The FTSE 250 was up as well, gaining 0.5 percent to 7,148. Trading volume was 2.8 billion shares.

A lot of the activity on the day was within the media sector. Satellite television broadcaster BSkyB didn’t fare terribly well, as its shares lost 1.8 percent to 535 ½p after Morgan Stanley cut the broadcaster’s rating because it believes that BSkyB will not be able to meet its goal of 10 million subscribers by 2010.

Faring better was media and market research group Aegis, whose shares advanced 0.5 percent to 98p after it announced that it will purchase Polish interactive agency HYPERmedia as well as ARTeam, a French market research group. T & F Informa, a business and academic publisher, also saw its shares gain in value after it announced that it plans to buy IIR Holdings, a privately held US training and events organizer, for £768 million.

Shares in T & F Informa gained 6.4 percent to 434p. Scottish Radio Holdings did even better, gaining 14.6 percent to sit at £10 after it turned down an offer from Emap of £10.40 per share 72.9 percent of SRH shares that Emap does not own because it felt that the Emap offer undervalued its core radio operation.