THE FTSE 100 Index failed to match a surge in world markets today as exuberance over an end to recession in the US fizzled out in London.
Despite a 2% gain for Wall Street’s Dow Jones Industrial Average - followed up with strong advances in Asia - the Footsie gained just 12.4 points to 5150.1 in early trading.
Traders said the blue-chip index failed to push on as investors chose to take some profits in volatile conditions after yesterday’s 1% gain.
Lloyds Banking Group however enjoyed a 5% rise of 4.7p to 90.7p as markets awaited news of its £21 billion fundraising plans. The bank also gained from a Credit Suisse upgrade.
Advertising and media giant WPP followed close behind, adding 24.5p to 569.5p as investors cheered the firm’s forecast of a "marked improvement" in second-half profits.
Several heavyweights limited the advance of the index however including mobile phone giant Vodafone, which led the fallers board with a 1.25p fall to 137.7p.
It was followed by oil giants BP and Royal Dutch Shell, down 3.7p to 582.8p and 14p to 1799p respectively. The duo’s third-quarter profits this week were both hit by lower prices but BP’s results outshone its rival.
