The FTSE 100 has finished at its best levels of the day, up 50.8 points or 0.87%, to 5,870.9, following the Middle East ceasefire and resulting decline in oil prices.
Schroders led the way with gains of 6.54% to 929p, while Barclays headed a rally among the banks, adding 2.12% to 649p after Merrill Lynch said ’buy’, and HSBC holdings gained 1.26% to 961.5p.
Meanwhile British Airways recovered some of its lost ground, up 1.89% to 377p, as the UK terror threat was reduced from ‘critical’ to ‘severe’, and Deutsche Bank rated it as ‘buy’.
However BT fell 0.93% to 240.5p following a broker downgrade, while PartyGaming slipped 3.44% to 105.25p, ahead of former BetOnSports boss David Carruthers’ US bail hearing tonight.
In the US the Dow Jones Industrial Average is up 98.77 points, or 0.89%, to 11,186.8, as crude oil prices fell to a three-week low, and a cease-fire began in the Middle East.
Oil prices have dropped as much as 2% to $72.90 a barrel as BP said it will keep half of its production flowing at the biggest US field during pipeline repairs, and the Middle East cease-fire began, as the conflict had previously helped push oil to a record $78.40 a barrel last month on speculation supplies would be cut.
General Electric has added $0.43 to $32.95, while UPS has gained $0.94 to $67.45, while Ford has climbed $0.19 to $7.56 after Bear Stearns raised its rating on the stock to ``outperform'' from ``underperform.''
However a lower rating for General Motors has caused it to slip $0.17 to $29.94, while Exxon Mobil is currently topping the losers with a drop of 0.92% to $69.09, closely followed by Alcoa, which has slipped 0.5% to $28.13.IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till