Footsie rises after strong opening on Wall Street

A positive start to trading on Wall Street has helped drive London shares upwards.

A positive start to trading on Wall Street has helped drive London shares upwards.

By the close, the Footsie had pushed well clear of the 5,000 barrier, gaining 143.3 points at 5153.1.

There were rises in oil stocks amid hopes Opec could cut production on concerns about a slowing in demand.

BP was up 21½p at 590p, Shell rose 27½p at 543½p while Enterprise Oil also surged ahead, rising 7%, up 34p at 523p as the group announced it had appointed a new chief executive, Sam Laidlaw, from Amerada Hess.

A host of other sectors were making gains, with Man Group rising 79p to 949p. Man was followed by Legal & General, up 7¾p at 156p, Royal Bank of Scotland ahead 80p at £16.30, and HBOS up 38p at 790p.

Other stocks on the rise included utilities with gas pipeline group Lattice ahead 5p to 150p while Scottish & Southern Energy rose 24p to 656p.

And media stocks also gained, with Financial Times-to-Penguin group Pearson up 55p to 760p while EMI was up 13p at 261p and Daily Mail and General Trust rose 34½p to 605p.

Advertising giant WPP was also ahead, up 2p at 541p, although the firm headed by Sir Martin Sorrell lost much of its spark from earlier in the day.

That came after it said it wanted to invoke a get-out clause in its takeover of the Tempus media buying agency. Tempus itself slid 5% on the news, falling 22½p to 465p.

Retailers on the way down included Tesco, down 3½p at 244½p, Sainsbury off 3p at 359p and Argos group Great Universal Stores, off 12p at 534p, ahead of Thursday's trading statement.

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