Little headway in London

The London market was making little headway today as top-flight stocks sought a record-equalling eleventh winning session in a row.

The FTSE 100 Index made a decent start after gains in Asia and rising commodity prices on better than expected corporate results and hopes for economic improvement.

But the top flight lost some early momentum to stand 7 points up at 4583.6 by mid-morning as blue-chips began the week in tentative mood.

If the Footsie finishes in positive territory today it will match a similar run seen at the end of 2003 to mark the best sequence of gains since the index began in 1984.

Financial Times and Penguin publishing firm Pearson was doing its best to push the market higher. It soared 57.5p to 663.5p – almost 10% – after the group said it was trading ahead of expectations so far this year.

It was followed higher by miner Lonmin, which added more than 4% or 44p to 1287p after an upgrade from Goldman Sachs amid gains for commodity stocks on higher metals prices.

Lloyds Banking Group was another beneficiary of positive broker comment – up 2.72p to 80.71p after Nomura upgraded the firm to buy.

BP was also a gainer ahead of tomorrow’s interim results despite a sharp fall in profits expected on oil prices well below last year. With crude firming today, the heavyweight gained 9.3p to 520.2p.

Life insurer Friends Provident meanwhile gained 0.98p to 71.76p after shunning another approach from investment firm Resolution and ending talks.

Drinks can maker Rexam was the Footsie’s leading faller after confirming it was considering a possible fundraising to ease debts. Shares fell 35p to 288.75p, or 11%.

In the FTSE 250, transport group National Express was the best performer. It added 6% or 21p to 366.75p after rival Stagecoach said it was in talks with another bid team over a possible break-up of the group. Stagecoach could also bid on its own.