FTSE gains fuelled by miners
The FTSE 100 tracked overnight gains in Asia fuelled by lower oil prices and rising metal prices.
Brent crude futures slipped to below $124 a barrel after a surge which had been triggered by fears over supply from the Middle East.
A shortage would threaten to derail global growth and investors have been eyeing oil markets nervously.
Meanwhile copper prices gained 0.3 per cent as upbeat US economic data buoyed confidence in commodity stocks.
On London’s blue chip index miner Evraz was the highest climber, up 2.6 per cent. Also in the sector Vedanta – which has announced a restructuring aimed at making it more profitable – was up more than two per cent.
Meanwhile Anglo American nudged up by 1.2 per cent and Kazakhmys 0.6 per cent as commodities made significant gains.
Outsourcer Capita – which last week said its order book was brimming – rose by 1.8 per cent while technology company Smiths Group was another high-flier, up 1.4 per cent.
In financial services interdealer broker Icap was the most significant gainer with a 1.3 per cent rise.
Among banks Lloyds was down 0.13 per cent while HSBC lifted by one per cent.
The biggest losers on the index included energy company Essar which yesterday reported earnings which missed targets, sending its stock down by 15 per cent at one stage. This morning it was off by another 1.5 per cent.
Tullow Oil was off by 1.2 per cent while engineer GKN lost 3.7 per cent making it the fastest faller.
Pub and hotel group Whitbread was also off by more than three per cent after it reported slowing sales at its Premier Inn business.
Outsourcer Serco was off by one per cent.
FTSE-250 listed house builder Persimmon rose by 15 per cent after reporting a 12 per cent rise in profits.
In Asia the Nikkei closed up 0.9 per cent and the Hang Seng 1.6 per cent.
Across the Atlantic later January US durable goods orders data will be released along with February consumer confidence figures.