FTSE bounces back
London's FTSE 100 Index showed signs of bouncing back from its recent woes as shares benefited from a late rally in the United States.
The FTSE 100 Index stood 39.8 points higher at 4261.5 as nerves about the strength of the Japanese yen steadied on Wall Street last night and the Dow Jones Industrial Average closed 40 points higher.
With no significant economic data expected in the UK or the US, attention focused on company news at home.
Strong telecoms shares led the rally, with Vodafone 3.25p higher at 127.25p and mmO2 matching the 3% improvement with a rise of 1.75p to 61.5p.
Banks and insurers further cheered the market as Legal & General neared the top of the Footsie risers board with a rise of 2.75p to 99p.
Royal & Sun Alliance added 2.75p to 96.25p and HSBC lifted 16p to 818.5p.
Abbey National's rebranding exercise brought a lukewarm response in the City, with shares edging ahead 3.5p to 535p following the pledge to overhaul its services and shorten its name to Abbey.
Among the fallers, engineering group Smiths slipped 18p to 685p after it posted a 4% fall in profits to £349m (€503.4m) due to the slump in civil aviation and the weaker dollar.
Outside the top flight, news from steelmaker Corus that half-year operating losses had narrowed to £36m (€51.9m) following a recovery in prices and volumes failed to galvanise its FTSE 250 shares, which dropped 9%, or 2.75p to 27.25p.
Housebuilder Barratt fared better in the FTSE 250 Index by saying it had continued its 11 year unbroken record of growth, recording a 31% rise in annual profits to £288.7m (€416.3m). Shares rose 11p to 520p.
