Oil stocks power Footsie's rise

The FTSE 100 Index has surged ahead thanks to a strong performance from oil stocks.

The London market closed 79 points ahead at 5159.2.

Disappointing earnings outlooks from internet equipment maker Juniper Networks and electronic equipment maker Jabil Circuit had depressed shares in New York and London.

But sentiment improved as the session wore on, with Wall Street opening in positive fashion as investors hunted down bargains.

Even a downward revision of US GDP figures failed to dent confidence across the Atlantic.

In London, oil companies BP and Shell turned in strong performances.

Opec has moved closer to agreeing deals with non-Opec members to cut oil output by a target of 500,000 barrels per day.

Shell gained nearly 5%, or 21p at 470p, while BP lifted 17½p at 528½p and Enterprise Oil rose 14½p at 451p.

British Airways' share price continued to fluctuate, rising 9p to 199p to lead the Footsie risers board.

Barclays also rose 96p to £22.25 as banks rallied during the session, with Lloyds TSB up 9½p at 735½p and Royal Bank of Scotland ahead 24p at £16.30.

ICI shares slipped 13½p at 370p.

Media stocks were under pressure, with FT publisher Pearson down 16p at 756½p, Reuters off 8p at 669p and advertising group WPP down 4p at 709p.

The biggest Footsie risers were British Airways up 9p at 199p, Shell ahead 21p at 470p, Barclays up 96p at £22.25, and Sainsbury's ahead 15¼p at 360p.

The biggest fallers were GKN down 15p at 260p, ICI off 13½p at 370p, Hays down 6¾p at 211p, and Logica off 16½p at 618p.