FTSE stages early rally
Mining and property firms helped the FTSE 100 Index to rally by more than 1% today as the London market’s recent strong run showed no signs of ending.
Hopes for another round of positive third quarter results in the United States fuelled the surge, with the Footsie up 62.5 points at 5252.7 by mid-morning.
The gains took the City by surprise as most spreadbetting firms had forecast a flat session to follow Friday’s 30-point fall.
Major risers included silver producer Fresnillo, which added 33p to 856p, and Anglo American after an improvement of 73p to 2273p. The improved confidence also meant property firms were higher, with British Land up 12.9p at 485.8p and Liberty International 10p higher at 521.5p.
In a quiet session for blue-chip corporate news, shares in Standard Life were half a penny higher at 230.5p after it announced the appointment of finance director David Nish as successor to chief executive Sandy Crombie.
Rival insurer Aviva moved in the opposite direction, down 7p to 443.3p, as it revealed details of its plan to raise up to £1.1bn (€1.2bn) through the listing of its 42% stake in Dutch subsidiary Delta Lloyd.
One of the biggest rises in the FTSE 250 Index came from bookmaker William Hill after it said its retail arm remained on track to meet expectations, despite poor football results at the start of the season. Shares rose 9% or 14.8p to 175.9p as the company said punters were recycling their winnings.
Ladbrokes, which issued a profits warning earlier this month, added 3% or 3.9p to 138.1p.
Transport group National Express recovered some of Friday’s 23% slump, up 9% or 33p to 395p, after details emerged of a merger approach from rival Stagecoach, which held firm at 156.9p.
