MW:FTSE makes firm progress as oil producers and miners rally
StockMarketWire.com - MORNING REPORT: Headline shares made firm early progress, as investors pushed aside concerns over Greek debt to concentrate on a rally in commodity prices, with miners and oil producers underpinning early gains.
At 8:30am, the FTSE100 was up 31.34 points at 5,724.53 with the FTSE250 ahead 41.4 points at 11,579.2 and the FTSE Smallcaps 5.88 points better at 3,234.4.
US & ASIA
In the US last night, the DJIA rose 76 points at 12,080, the Nasdaq Composite added 13 points at 2,630 and the S&P500 gained 7 points at 1,278.
In Asia today, the Nikkei closed up 105 points at 9,460, while the Hang Seng was recently ahead 232 points at 21,831.
LONDON MARKETS
Investors pushed aside concerns over Greek debt this morning, with a recovery in commodity prices underpinning firm early gains in London.
Amongst the miners, Xstrata was the best of breed, up 24.75p at 1,282.75p, while Antofagasta improved 17.5p at 1,227.5p as copper prices rallied and BHP Billiton shrugged off news that coking coal mines in Australia face further rolling strikes, the shares rising 13.5p at 2,272p.
Oil producers improved in line with a rise in the WTI crude price, with BP also lifted after it announced it has reached agreement with Weatherford to settle potential claims related to the Deepwater Horizon accident. BP gained 9.95p at 439.6p. Elsewhere, BG Group was ahead 15.25p at 1,326.25p and Shell 21.25p better at 2,141.75p.
However, coffee house to hotel and restaurant group Whitbread jumped to the top of the leaderboard, adding 72.5p at 1,557.5p, after it reported total sales were up 9.2% in the 13 weeks to 2nd June 2011, up 1.7% like-for-like.
The news, which included reports of buoyant trading at the group's Premier Inn hotel chain, inspired Holiday Inn operator InterContinental Hotel Group to a rise of 24p at 1,191p.
Staying with the leisure industry, cruise ship operator Carnival climbed 41p at 2,232.5p.
There were some notable performances from insurers, with Prudential the best of them, up 5.75p at 707.25p and Legal & General ahead 0.55p at 112.05p.
Fund managers recovered some poise after yesterday's sell-off, with Man Group rallying 4.35p at 225.85p, Schroders ahead 10.5p at 1,493.5p and Hargreaves Lansdown 3.75p higher at 599.75p.
Banking shares put in a mixed showing, with Barclays gaining 1.45p at 254p and Royal Bank of Scotland up 0.12p at 38.63p, while Lloyds lost 0.125p at 47.03p and Standard Chartered drifted 2.25p lower at 1,560.25p.
Global brewer SABMiller was the worst of the blue chips early on, slumping 52.75p at 2,129.25p after it confirmed that it has made a conditional proposal to acquire Foster's for A$4.90 per share. Foster's rejected the £7.3bn approach.
Other notable casualties included cigarette maker Imperial Tobacco, down 21.5p at 2,001.5p, FT publisher Pearson, off 12.5p at 1,137.5p, and temporary power supplier Aggreko, 1.5p lower at 1,872.5p.
