FTSE up 1%
Blue-chip stocks were cheered by softer oil prices today as the London market gained more than 1%.
This helped the likes of British Airways – victim of a rising fuel bill – make progress as advances for financial shares also offset falling mining and commodity stocks.
The miners had put the FTSE 100 Index under pressure in early trading but the index recovered to stand 63.8 points higher at 5384 by mid-morning.
Crude oil prices dipping towards $120 a barrel on demand concerns helped a raft of companies in the travel sector make gains of 6% or more.
British Airways rose 14.75p to 269.75p, Thomas Cook added 18.75p to 218.75p and Thomson owner TUI Travel was 15.85p better off at 211.25p.
Better-than-expected results from Asian-facing bank Standard Chartered saw it add 67p to 1490p in a good session for financials. HBOS rose 20.25p to 320p and Barclays was 19.25p higher at 358.5p.
Results from Legal & General, which were seen as reassuring after a 6% rise in half-year operating profits, helped its shares forward 5% or 5.3p to 101.9p.
The leading Footsie riser was heating and plumbing giant Wolseley, which was up 13% or 44.75p to 398p on talk of a major disposal.
The worst performer however was prospector Tullow Oil, hit by the oil prices as it slipped 48p to 719.5p. It was closely followed by Eurasian Natural Resources - down 4% or 43.5p to 954.5p – although the mining sector picked up slightly from its poor start to the session.
Recruitment firm Michael Page International jumped 32% in the FTSE 250 Index after it said it had received a takeover approach from European rival Adecco. Shares rose 85.5p to 350.75p, while Hays added 13p to 94.25p.
