London runs for dozen

The FTSE 100 Index crossed the 4600 threshold today as the London market gunned for a record-breaking 12th positive session in a row.

If the Footsie finishes on the up today it will beat the previous longest run to mark the best series of gains since the index began in 1984.

The FTSE 100 Index was up more than 20 points in early trading but then surrendered the gains to stand 13 points lower at 4573.1 by mid-morning.

Spirits were initially helped by a late rally for the London market on Monday and positive finishes for Wall Street and some Asian markets.

London was also boosted by stronger-than-expected figures from oil giant BP, which posted a 32% quarter-on-quarter improvement in profits between April and June and said its cost savings plan was running ahead of target.

But with BP among those to benefit from the London market’s recent strong run, shares were down 8.1p to 510.9p in the wake of the results.

Royal Dutch Shell and BG Group – due to post half-year figures later in the week – were ahead 6p at 1604p and 5p at 1111p respectively.

In London, Lloyds Banking Group fluctuated in the wake of news that Sir Win Bischoff is to become its next chairman. Shares initially rose 4% but then tracked the wider market lower to stand 1.45p cheaper at 81.88p.

Royal Bank of Scotland was also down 0.16p at 43.6p.

The biggest rise of the session came from accountancy software group Sage, which said results for the nine months to June 30 were in line with management expectations. Shares rallied almost 5%, or 9.1p to 194.5p.

Meanwhile, doorstep lender Provident Financial saw a 5% fall despite reporting a hike in half-year profits to £53.1m (€61.4m) as it came under fire for charging “extortionate” interest rates. Shares fell 40.5p to 814.5p.