FTSE regains ground

The London market ended the week on the front foot after a broker upgrade for insurer Prudential offset a slide among mining stocks today.

Online gambling stocks also steadied after the shock of another arrest in the industry, prompting the FTSE 100 Index to reach mid-morning 19.3 points higher at 58774. US markets were expected to follow the lead of European counterparts by opening in positive territory.

The rise for Prudential came after a positive note from Merrill Lynch led its shares 1% higher, up 7.5p at 585p. Elsewhere in the sector, Norwich Union owner improved 4p to 738.5p and Friends Provident cheered 1.25p to 186.5p.

Miners dominated the fallers board as investors continued to fret over the possibility of higher US interest rates. Antofagasta fell 8.5p to 462.25p, Vedanta Resources eased 24p to 1338p and BHP Billiton dropped 15p to 973p.

They were joined by AstraZeneca after Citigroup cut its rating on the pharmaceuticals company from buy to hold, citing a recent strong run from the company. Shares were off 42p to 3303p.

The top faller in the FTSE 250 Index was also caused by a broker note, with Capital Radio owner Gcap Media dropping 5% or 11.25p to 198p, following a downgrade from hold to sell by Merrill Lynch.

Aga Foodservice was close behind, down 16.75p to 355.25p, despite an 11% rise in half-year profits.

Among companies reporting today, pubs chain JD Wetherspoon lost hold of an early gain after beating market expectations with profits of £58.4m (€85.9m) – a gain of 24%. Shares were later 5.5p lower at 445p.

Paving company Marshalls cheered 2%, or 6p to 310p, after it rode out the downturn in the DIY market with a 4% rise in profits.

Among the gaming companies, PartyGaming was unchanged at 105.75p while smaller operator World Gaming stood 0.5p higher at 65p.