FTSE 100 index up 0.7%; ITV upgraded, names interim CEO LONDON (MarketWatch) -- London's top index advanced on Monday, moving higher for the third session in a row, with gains from telecom Vodafone Group and oil and gas companies helping the advance. The U.K. FTSE 100 index (UK:UKX 5,221, +59.46, +1.15%) rose 0.7%, or 38.40 points, to 5,200.68. It's the first time the index has traded over 5,200 since September last year. Other European shares were higher, with Philips making sharp gains in Amsterdam after reporting a surprise quarterly profit on the back of cost-cutting and better-than-expected sales. See Europe Markets. Read more on Philips. Vodafone Group (UK:VOD 136.30, +3.69, +2.78%) (VOD 21.35, -0.18, -0.84%) helped the gains in London, with shares in the index heavyweight up 2.8% after it detailed a cost-cutting move. The mobile telecom giant said that it intends to transfer the listing of its American Depositary Receipts from the NYSE to the Nasdaq Global Select Market to benefit from lower annual listing fees. Oil and gas firms were also helping the advance in London on Monday, with BP (UK:BP. 550.60, +7.90, +1.46%) (BP 52.27, -0.49, -0.93%) shares up 1.4%, Royal Dutch Shell (UK:RDSA 1,821, +22.50, +1.25%) (RDS.A 57.35, +0.26, +0.46%) shares up 1.1% and BG Group (UK:BG. 1,113, +12.18, +1.11%) shares up 1.3%. The gains came as light sweet crude futures rose 61 cents at $72.38 a barrel. In the currency markets, sterling fell against the U.S. dollar, down 0.5% at $1.5764. Prime Minister Gordon Brown plans to announce Monday that the government hopes to cut the country's debt pile by 16 billion pounds ($25.4 billion) by selling government assets and real estate, according to a report in the Wall Street Journal. Around 3 billion pounds of the sale would come from selling assets such as state betting organization the Tote, tunnel crossings under the Thames and the English Channel and a book of student loans, according to the report. Outside the top index, shares of commercial-television broadcaster ITV (UK:ITV 48.93, +2.48, +5.35%) rose 5.7%. It was upgraded to buy from neutral at Goldman Sachs, which sees a "modestly stronger-than-expected recovery" in the third and fourth quarters for television ad markets. On the back of September/October advertising trends, Goldman raised its fiscal-year-TV-ad market 2009 revenue forecasts 1% to 3% and broadcaster-net-advertising-revenue forecasts 1% to 2%. Goldman said ITV has underperformed the market, with 25% upside potential to share prices. ITV also said that John Cresswell, chief operating officer, will become interim chief executive but then leave the group after a permanent CEO is appointed. He will start when its chairman, Michael Grade, is replaced, and Crispin Davis and Michael Bishop both have said that they are not candidates for that role. ITV said its nominations committee is revising its short list. Shares of retailer JJB Sports (UK:JJB 34.75, +1.75, +5.34%) rose 6.1%. The firm said, following an investigation by its board, that rumors about the personal financial affairs of its executive chairman David Jones are "totally unfounded" and that the company is continuing with its 100 million pound ($158.2 million) capital raising. Press reports last week said the share-sale plans had been halted while the firm investigated the rumors about the financial relationship between Jones and JJB's former CEO Dave Whelan.

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