FTSE climbs in early trading
Investors set aside concerns over record oil prices and fears of terrorism to drive the London market higher today.
The FTSE 100 Index took its cue from a surprisingly upbeat session on Wall Street overnight to add 24.5 points to 4447.2 within the first hour of trading.
US markets focused on economic data showing strong growth in the manufacturing sector, rather than potential interest rate rises and inflationary pressures.
Cable & Wireless set a positive tone for trading in London with a 5% rise or 5.5p to 127p after a major restructuring drive helped narrow annual losses.
Results from the telecoms group contained many plus points for investors, including the restoration of the dividend and an improving revenues performance.
Oil prices reached a record high of $42.33 in New York overnight and this lifted shares in BP and Shell higher, up 3p and 2.5p to 485p and 396.75p respectively.
But the rising cost of crude exerted more pressure on the aviation sector as British Airways travelled deeper into the red, down 0.25p at 247.25p.
And the brakes were finally applied to the strong run by Marks & Spencer in the wake of a potential takeover offer from billionaire Philip Green. Shares weakened 4.25p to 361.25p today.
