Blue-chip UK banks rallied today after the sector escaped a radical overhaul in a key government-commissioned report.

Australia LNG said the 25-year contract won by its North West Shelf (NWS) Venture from China National Offshore Oil Corp to supply 3 million tonnes a year of LNG to a terminal being built in Guangdong could be the first step in a wider energy alliance between the two countries.

The London market is holding its ground despite a disappointing session for tech and telecom stocks.