FTSE holding on to sharp gains

London’s leading shares looked set to end the week on a high today after holding on to sharp gains achieved earlier in the session.

The FTSE 100 Index rose 48.3 points to stand at 4143.9 by lunchtime as hopes grew that US markets could build on yesterday’s solid session.

The Dow Jones Industrial Average is tipped to show gains when Wall Street opens, with sentiment again boosted by recent strong economic data.

Figures from mining giant Anglo American and former building society Bradford & Bingley rounded off a hectic week for corporate results.

Bradford & Bingley fell 3.75p to 306.25p despite a 5.5% rise in first half pre-tax profits.

But insurer Royal and Sun Alliance topped the list of Footsie risers, up 5.75p at 141p, and Barclays followed up its 9% rise yesterday with another gain of 2% - up 8.25p to 485.25p – following half-year results showing a 12% rise in profits.

Other banks were also in positive territory, with Abbey National up 0.75p at 549.25p, HBOS 5.5p higher at 753.5p and Royal Bank of Scotland 16p brighter at 1641p.

Among other blue-chip results, mining giant Anglo American moved 25p higher to 1115p after reporting a half-year earnings increase of 2%.

The group delivered that improvement despite the impact of a strong South African rand and in the face of challenging trading conditions.

Other mining stocks reacted positively to the news, with Rio Tinto up 21p at 1297p, BHP Billiton 4p higher at 378p and Xstrata ahead 9.5p at 436.75p.

But UK Coal, formerly known as RJB Mining, failed to benefit from the improved sentiment despite sticking by forecasts of an improved operating performance this year.

Investors appeared to take more notice of pricing pressures from international rivals and the strength of sterling as UK Coal said first half sales growth of 3% would not result in a positive performance at the income level. UK Coal shares lowered 3p to 96p.

Elsewhere, lastminute.com topped the FTSE 250 risers board as it continued its recent rise with a gain of 18.5p to 272.5p.

AIM-listed commercial radio group UBC also lifted 2.5p to 35.5p after an upbeat trading statement in which it said it expected its digital platform Classic Gold Digital to show growth in listener numbers when digital audience figures are published for the first time later this year.