FTSE recoups fraction of yesterday's losses

The FTSE 100 Index was today meeting the challenge of bouncing back from its heaviest one-day fall in eight months.

Investors were tempted back to the market after an encouraging performance on Wall Street overnight gave credence to the view that concerns about the global economy are overdone.

Miners were leading the rally as the Footsie advanced 10.9 points to 4838 by mid-morning, recouping a chunk of the 64 points lost during a dispiriting session yesterday.

BHP Billiton rose 9p to 662p after its acquisition of Australian rival WMC Resources received regulatory clearance, but its progress lagged that of Antofagasta, which topped the charts with a 26p gain to 1171p.

Energy giants Shell and BP were also attracting investor interest – in part helped by a rising oil price – as shares in the two companies rose a penny and 3.5p to 469p and 526.5p respectively.