Footsie races ahead

Heavyweight financial and telecom stocks led the forward push today as the London market raced ahead.

By mid-morning the FTSE 100 Index had recovered from yesterday’s subdued showing to surge 102.2 points to 4159.9.

The prospect of a strong rally on Wall Street later today, with some traders predicting jumps of more than 100 points, added to the buoyant mood.

City Index trader Tom Hougaard said: “Although we are still within the realms of a bear market, this latest breakout could be the start of something bigger.”

Telecom stocks were boosted by a reassuring third-quarter update from Finnish mobile phone maker Nokia.