FTSE pushes 4,500 mark

Increased confidence in the London market pushed the FTSE 100 Index closer towards the key 4500 barrier today.

A further cooling in oil prices tempted traders to return to shares, leaving the Footsie 37.2 points higher at 4491.6 by its close.

Mining and financial stocks were among those pushing the market higher - although volumes were described as “disappointing”.

One trader warned: “Although 4500 is now within reach, profit takers can be expected to exert their influence on the market if we see any further gains.”

Wall Street – which was buoyed by upbeat US jobs figures on Friday – was still in confident mood, advancing nearly 100 points by the close of trading in London.

At home mining groups were among the highest climbers, with Antofagasta top of the Footsie risers as it rose 5% – or 43p to 909p. Meanwhile BHP Billiton cheered 14p to 460p, Xstrata put on 13p to 707p and Rio Tinto advanced 22p to 1321p.

Financial stocks propping up the market included Prudential – up 10.5p to 460.5p – although the group had topped the risers earlier in the day.

Barclays was 5.75p higher at 488.5p after it said it was cutting 800 management jobs.

Retailers also featured among the risers, with B&Q owner Kingfisher climbing 5p to 298p, Argos-owner GUS was up 12.5p to 849.5p and Next was 20p higher at 1445p. Marks & Spencer was still in the black, advancing 4p to 361.5p as speculation continued that billionaire Philip Green could up his offer.

The oil price was helping to make news outside the top flight after easyJet said high fuel prices could cut its full-year profits by £4 million.

Shares in the Luton-based budget airline slumped nearly 19%, or 37.25p to 163.5p, after it said full year pre-tax profits may only just top last year’s £52 million.

Bars operator Yates lifted 5% – 6p to 136p – after it emerged it was set to unveil a £93.4 million buyout of the business later this week.

Independent directors of Yates said talks with private equity group GI Partners about an MBO were now at an “advanced stage”.

Cider and fruit drink maker Merrydown moved ahead by 0.5p to 94p after demand for Shloer and Merrydown cider pushed profits ahead by 26% to £1.7 million.

And shares in Pace Micro Technology lifted 4% or 2p to 51.25p despite the company confirming its involvement in an investigation into the breaching of stock market rules.

It added that results for the year to May 29 were expected to be in line with market expectations.

The biggest risers in the Footsie today were Antofagasta up 43p to 909p, InterContinental Hotels ahead 19p to 537.5p, BHP Billiton up 14p to 460p and Royal & Sun Alliance ahead 2.25p to 79.5p.

The heaviest fallers were Enterprise Inns down 19.5p to 569p, mmO2 falling 1p to 98.75p, Daily Mail & Trust down 6.5p to 701.5p and Scottish & Newcastle falling 2.75p to 427.5p.