FTSE on the rise

The FTSE 100 Index remained near to its highest point since April today after world markets were given a boost by figures on Chinese economic growth.

FTSE on the rise

The FTSE 100 Index remained near to its highest point since April today after world markets were given a boost by figures on Chinese economic growth.

The slightly better-than-expected performance and a decent third quarter for US corporate earnings ensured the FTSE 100 lifted 32 points to 5760.2.

Wall Street was poised for further gains following a big rise on Wednesday after solid earnings from Boeing and Delta Airlines.

London's decent session came despite pressure on BP and other energy stocks following a fall in oil prices.

The cost of crude slipped below $82 a barrel as a stronger US currency made dollar-based commodities more expensive for investors with other currencies.

BP was down 4.9p at 430.5p while exploration firm Tullow Oil dropped 40p to 1213p after it said drilling at its Inyina-1 well in Ghana had found water instead of oil.

The biggest top-flight fall came from Thomson holidays firm TUI Travel after it announced the resignation of its chief financial offer and said it would restate its earnings for the last financial year.

The group admitted it will have to write off a total of £117m (€131.5m) from balances as a result of discrepancies in reconciling the separate systems used in the retail and tour operator businesses within TUI UK.

Shares slumped 11% or 24.8p to 205.6p, reversing a recent strong run and following a downgrade to sell from broker Panmure Gordon.

Consumer goods firms dominated the risers board after Guinness firm Diageo added 53p to 1213p, Unilever lifted 61p to 1861p and Reckitt Benckiser cheered 106p to 3522p. Primark-to-sugars firm Associated British Foods added 24p to 1059p.

In the FTSE 250 Index, updates from William Hill, Britvic and department store group Debenhams were well received as shares in all three jumped by 4% or more.

Bookmaker William Hill was up 6.7p to 168.4p after it said a run of more favourable sporting results in the third quarter meant operating profits should be at the top end of forecasts.

And drinks firm Britvic added 34p to 504.5p after Altium Securities upgraded the stock to buy from hold following a strong full-year trading update.

At Debenhams, investors were cheered by a return to like-for-like sales growth and a pledge by the company to reinstate dividends in 2011. With full-year pre-tax profits up 20%, shares lifted 5.25p to 76.75p, or 7%.

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