Strong showing for FTSE
The FTSE 100 Index came within touching distance of a seven-year high today as mining stocks and a strong start to US trading lifted blue chips.
The London market closed 91.5 points ahead at 6724.5 - just below the 6732.4 achieved in June before the credit crunch hit global markets.
Higher metals prices boosted heavily-weighted miners, while Wall Street's Dow Jones Industrial Average reached a record high in early trading, giving the Footsie fresh impetus.
US traders were cheered by retailing giant Wal-Mart upgrading profits forecasts, and economic data showing a bigger-than-expected fall in the US trade deficit.
In London, miner Vedanta Resources soared nearly 6%, or 127p, to 2317p. Other sector peers making progress included BHP Billiton, up 79p at 1880p, Antofagasta ahead 35p to 871.5p, and Xstrata, which rose 137p to 3592p.
Kazakhmys, which has endured a difficult week after warning of disruption to production, was another beneficiary of the positive sector sentiment and rose 65p to 1589p.
Other heavyweights buoying the benchmark index included telecoms giant Vodafone, which rose nearly 5% on upbeat earnings forecasts from European rival Telefonica. The stock rose 8.5p to 179.5p, while BT was 10.25p ahead at 314.5p.
Oil major BP gained more than 2%, or 13.5p, to 593.5p today after chief executive Tony Hayward vowed to strip out layers of management as part of efforts to improve the firm's performance.
Takeover activity meanwhile lifted insurer Resolution, which last night rejected a £4.5bn (€6.43bn) approach from rival Pearl Assurance. Hopes of a higher bid helped Resolution gain 12p to 692p.
The leading Footsie faller was Northern Rock - a strong gainer in recent sessions as rescue hopes for the stricken lender grew. The bank slipped back 6%, or 15.5p, to 258p from recent highs.
New data for Royal Institution of Chartered Surveyors showing property prices falling for a second month in a row during September also put housebuilders on the back foot.
Taylor Wimpey fell 13p to 290.75p, Persimmon slipped 42p to 1003p, while Barratt Developments was off 26.5p at 722p.
Royal Bank of Scotland continued to suffer after it declared its offer for ABN Amro unconditional earlier this week.
Shares drifted 6p to 553p after brokers at Deutsche Bank said they were seeing mounting pressures on the group's existing business coupled with significant risks over the integration of the Dutch bank's assets.
In the FTSE 250 Index, recruitment group Hays rose nearly 2% after fee growth of 21% for the first quarter of the financial year bettered expectations. Shares were 2.75p higher at 145.5p.
Chocolate retail chain Thorntons saw its shares jump 10%, or 18p, to 190p after sales figures for the first quarter of its financial year indicated further progress with its turnaround plan.
The biggest Footsie risers were Vedanta Resources up 127p at 2317p, Vodafone ahead 8.5p at 179.5p, BG Group up 40p at 883p, and Tullow Oil ahead 28p at 626.5p.
The biggest fallers were Northern Rock down 15.5p at 258p, Taylor Wimpey off 13p at 290.75p, Persimmon down 42p at 1003p and Barratt Developments off 26.5p at 722p.
