RPT-FTSE rises 1.5 pct by midday on banks, Vodafone

(Repeats to reach more customers)

* FTSE 100 up 1.5 pct

* Vodafone rebounds after announces share buyback programme

* Lower crude prices ease inflationary concerns, banks rise

By Dominic Lau

LONDON, July 23 (Reuters) - Britain's top share index rose 1.5 percent by midday on Wednesday as Vodafone (VOD.L: Quote, Profile, Research, Stock Buzz) gained after announcing a share buyback programme, while lower oil prices eased inflation fears, lifting banking stocks.

By 1032 GMT, the FTSE 100 .FTSE was up 78.6 points at 5,442.7, after losing 0.7 percent on Tuesday.

Index heavyweight Vodafone advanced 2.5 percent, recovering some of the previous session's steep losses, after the mobile phone giant announced a surprise 1 billion-pound ($2 billion) share buyback programme. [ID:nL23939638]