The FTSE100 had a strong start to the day, up 1.28% to 6,396.20, powered by good numbers from mining companies and housebuilders.
Taylor Wimpey was top of the leading stocks up 7.30 (3.89%) as housebuilders prepared themselves for tomorrow’s interest rate decision.
Miners Xstrata and Anglo American were also in the top five as the whole sector was buoyed by M&A activity.
Northern Rock was once again amongst the losers on news the government may bring the battered bank under its control. Severn Trent also performed poorly down 19.00 (1.24%).
A strong morning for the FTSE comes in the wake of a weak close for Wall Street with the Dow Jones down 65 points to 13,248. Investor confidence was hit badly by profit warnings in the banking sector.
Meanwhile, the Nikkei 225 Stock Average rose 128.69 (0.8%) to 15,608.88 at the end of the day despite earlier declines. The rally was fuelled by investors buying shares benefiting from domestic demand as concern about US economic growth mounts.By IFAonline
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