THE FTSE 100 Index maintained its recent recovery today after economic data from the United States eased worries about a double-dip recession.
Positive news on employment and retail sales meant the Dow Jones Industrial Average climbed more than 100 points last night, triggering a fresh rally for stocks in Asia and subsequently in Europe.
In London, where spirits have lifted following a difficult start to the third quarter, the FTSE 100 Index was 9.3 points higher at 5114.9.
Miners were the main beneficiaries of the market’s new-found confidence as Antofagasta jumped 2% or 20p to 871.5p and Rio Tinto lifted 74p to 3147.5p.
The biggest fall in the top flight was posted by National Grid after analysts at Citigroup removed their buy rating on the stock and said the utility firm may sell its US business in order to protect it dividend. Shares, which were flat last night in a strong market, fell 8.6p to 493.4p.
In the FTSE 250 Index, shares in roofing and insulation firm SIG rose 2.8p to 107.3p after it forecast better-than-expected half-year profits due to a recovery in sales over the second quarter of the year.
And shares in recruitment firm Michael Page International lifted 11.4p to 397.2p after it said growth in Asia helped boost second quarter profits.