Some progress for FTSE

The London market made tentative progress today after Next and British Airways experienced an upbeat start to the week.

The FTSE 100 Index was up 14.2 points to 6234.3 at lunchtime as investors started the week in more positive mood following heavy losses in the previous session.

It was boosted by a recovery for the mining stocks while stronger oil prices helped heavyweights such as BP and Royal Dutch Shell.

Fashion chain Next gained 2% to add to its impressive 4% rise on Friday following last week's key Christmas trading update.

The latest move came after Credit Suisse raised its target price to 2300p from 2000p. Shares were up 40p to 1980p today.

Rival Marks & Spencer gained 2p to 736p ahead of its trading update tomorrow, which investors expect will show strong sales over the Christmas period.

However, supermarket chain Sainsbury's fell half a penny to 417.5p despite high hopes for its trading figures which are due out on Thursday.

British Airways was on the Footsie leaderboard after the airline reached an agreement with its unions on plans to tackle a £2.1bn (€1.62bn) pensions deficit on Friday night. Shares were up 6.25p to 555p today as analysts said the move was likely to result in an improved credit rating for the firm.

The recovery of mining stocks came despite continued pressure on copper prices. Lonmin rose 66p to 2866p, Anglo American cheered 44p to 2374p and BHP Billiton added 11p to 895p.

Among the oil stocks, BP lifted 5p to 562p and Shell was up 7p to 1739p. But Cairn Energy was the session's biggest riser - up 47p to 1717p - while power companies also joined the rally with Drax Group up 11.5p at 744p and International Power 5.25p higher at 362.25p.

But there were losses for real estate firms after HSBC downgraded a number of stocks in the sector.

Land Securities was off 67p to 2216p while British Land fell 39p to 1613p, Slough Estates dropped 13.5p to 770p and Hammerson sank 28p 1507p.

Elsewhere, photographic retailer Jessops slumped 14% after it issued a profits warning and said sales were down 6.9% in six weeks to January 5. Shares fell 20.5p to 128.5p.

Clinton Cards moved in the opposite direction after a like-for-like sales rise of 2.1% banished concerns that it had been caught in the retail slowdown. Shares were up 4%, or 2.25p, at 62p.