Global confidence pushes FTSE up

Banks and miners lined up on the FTSE 100 Index risers board today as confidence grows over the global economy.

An upbeat mood prevailed after a buoyant session in Asia was prompted by figures from Goldman Sachs, which kicked off the US bank reporting season in positive fashion yesterday.

The Footsie rose 65.7 points to 4303.4 by mid morning.

Oil prices were above $60 a barrel while commodities stocks were once again in the spotlight on the London market.

Xstrata led the way with a 5% rise – or 32.9p to 647.2p – while Kazakhmys gained 30p to 670.5p. Tullow Oil also added more than 5%, up 46p to 937p.

Meanwhile the effects of Goldman’s expectations-beating record $13.8bn (€9.8bn) revenues continued to reverberate. The report will be followed this week by numbers from JPMorgan Chase, Bank of America and Citigroup.

Both Barclays and HSBC were on the risers' board today with gains of 9.1p to 309.1p and 17.55p to 528.35p respectively.

The property sector was also on the front foot today after an upbeat statement from Land Securities added to growing optimism.

Land shares climbed more than 3% after it said it had seen an upturn in buyer interest and opportunities for acquisitions in the sector. Shares rose 16p to 456.25p.

Retailer Next saw gains as a broker upgrade pushed it more than 2% ahead, 43p to 1653p.

Elsewhere Burberry fell 6.25p to 420.5p after it reported flat comparable sales in the first quarter as a strong performance in Europe and Asia was offset by weakness elsewhere.

Also in the FTSE 250, pubs chain JD Wetherspoon gained 2% after reporting an “encouraging” recent sales performance.

The firm said like-for-like sales rose by 2% in the past five weeks and by 1.2% in the 50 weeks to July 12.

Shares were up 9.25p to 438.25p.