The London market got off to a good start today following an easing in oil prices and good corporate numbers on Wall Street.
The FTSE 100 Index recovered a fair chunk of yesterday’s 37-point losses in the first hour, advancing 25 points to 4672.9.
US shares trimmed losses in late trading last night after oil prices retreated by the best part of two US dollars, leaving the price of a barrel of US light crude standing at just above 52 US dollars in early trading today.
Tech stocks also buoyed US markets, with microchip giant Intel and Internet search engine Yahoo! turning in solid figures.
The Dow Jones Industrial Average recovered earlier losses to stand four points below its opening mark by the closing bell.
Back in London, British Airways was benefiting from the lower oil prices, topping the FTSE risers board with a 2% or 5p gain to 204.5p. Miners were not doing so well, with BHP Billiton 11p off at 588.5p, Xstrata down 8p to 891.5p and Rio Tinto losing 12p to 1491p.
Second tier retailers were dominating the corporate news, with JJB Sports topping the FTSE 250 fallers, down 19% or 47.25p to 196.75p, after saying takeover talks had collapsed.
However, upmarket fashion chain Burberry moved 1%, or 4p to 368p, ahead after reporting continued strong sales.
References: EGi News 13/10/04
