FTSE builds on positive moves

London shares built on last night’s late move into positive territory after a quiet overnight session on Wall Street.

In the opening hour of trading, the FTSE 100 Index moved up nine points to 4354.1.

In New York, the Dow Jones Industrial Average closed down nearly 19 points after a quiet Veterans Day holiday session.

Analysts said the recent strong rally looked to have run out of steam for the time being, with markets likely to consolidate in the near-term.

On the corporate front, Cable & Wireless shot to the top of the Footsie risers board, up nearly 3% or 3.25p to 131.5p, after saying its restructuring plan had begun encouragingly.

C&W said total operating profits before one-off items in the six months to September 30 were £101 million against losses of £310 million last time.

Steel maker Corus Group soared to the top of the FTSE 250 with a 25% or 6.5p rise to 32.5p after announcing a rights issue aimed at raising about £307 million to fund its UK recovery programme.

Also in the FTSE 250, fresh food producer Dairy Crest soured a penny to 486p despite saying that half yearly pre-tax profits had risen 12% to £35.4 million after rising cheese prices reduced pressure on margins.