FTSE up 1%

The FTSE 100 Index rose 1% today as positive economic news tempted buyers into the market.

Traders were encouraged by gains in Asian markets after strong industrial production figures from China, helping the Footsie up 53.5 points at 5297.8 by mid-morning.

The rise adds to gains seen on Thursday, leaving the blue-chip index close to making up the ground lost in heavy falls at the beginning of the week.

Futures markets were also signalling a higher opening on Wall Street although key data on the resilience of the US consumer is likely to set the tone later in the session.

Mining stocks led the rally in London after coming under pressure in recent days over concerns for the speed and strength of the global recovery.

With help also coming from a weaker dollar, Kazakhmys set the pace with a 49p rise to 1275p or 4%, closely followed by Xstrata, which cheered 39p to 1071p.

Outside the mining sector other gainers included property firm Segro, which cheered 8.9p to 340p after a broker upgrade.

In a quiet session for corporate news, HMV shares were 1.2p lower at 105.4p after the retailer reported a narrowing of losses at the half year stage.

Analysts said the figures were in line with expectations, although the company highlighted continued tough trading at its bookshop chain Waterstone’s.

Comments from HMV over difficult conditions in the video game markets also dented shares in Game Group, the leading faller among second-line stocks with a 3.6p slide to 117p.

Shares in the company have lost 18% in total since its own gloomy update on Tuesday.

Services group Carillion added 2.2p to 297.5p after it reported a strong order book and said its Middle East business continued to trade well, despite exposure to the debt-troubled emirate of Dubai.

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