Late morning market report
The London market got a much-needed boost today after mining and financial stocks pulled out of their recent tailspin.
There had been fears of another slump for the FTSE 100 Index after the Dow Jones Industrial Average closed more than 5% lower on global recession and deflation fears.
The Footise closed down 130 points on Thursday but was up 1% or 38.7 points at 3913.7 by mid-morning.
Miners dominated the risers board after a pause in the recent fall in metal prices. Among risers in the volatile sector, Antofagasta cheered 15% or 47.5p to 366.5p and Anglo American added 120p to 1174p.
Norwich Union owner Aviva was the only non-mining stock in the list of top ten risers, after shares surged 13% or 36.75p to 329.5p. The improvement reflected a reversal of fortunes following heavy losses for the insurance sector yesterday.
Banks spent a rare session away from the fallers board after Royal Bank of Scotland’s recapitalisation scheme received the backing of shareholders.
RBS was 2p higher at 48p, while Barclays added 5% or 6.7p to 134.4p after the heavyweight stock slumped to its lowest level since 1994 earlier this week.
Some heavyweight stocks did their best to dent London’s revival hopes, with Vodafone down 5.4p at 116.5p and pharmaceutical giants GlaxoSmithKline and AstraZeneca off 40p at 1112p and 88p at 2371p respectively.
One of the biggest gains outside the top flight came from Currys owner DSG International after a report said the government was considering measures to help companies affected by the withdrawal of credit insurance.
DSG shares have been shaken by the issue, but were ahead 32% or 3.75p at 14.5p today. B&Q owner Kingfisher was also in the front foot in the FTSE 100, rising by 6% or 6.1p to 109p.
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