Footsie races ahead

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

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