Having started the week up yesterday, the FTSE 100 is up another 32 points to 4,658 this morning, helped by falling oil futures and telecoms.
Sainsbury is up 4.75p to 246.75p after unveiling a recovery plan, which includes job cuts, halving the dividend and spending more to improve the layout of its stores.
GlaxoSmithKline is up 21p to 1,158p after reports it and other European pharmaceutical companies are stepping up production of anti-viral drugs following the closure of a plant producing influenza vaccine for Europe and the US.
British Airways is up 6p to206.5p after oil futures fell overnight in New York trading.
MmO2 is up 2.75p to 104.25p as its run of form continues for fifth straight day of trading.
Insurance stocks are being hit hard by a surprise rights issue from Pru, which will increase the amount of insurance paper in the market to the tune of £1bn.
Pru is down 37.5p to 420.5p on the move, which comes after the company was unable to raise funds by selling off its Egg internet bank.
Friends Provident is down 2.75p to 137.5p.
Aviva is down 8p to 139p.
Antofagasta, the Chilean copper miner, is down 13p to 1,052p after Merrill Lynch downgraded the stock to ‘sell’ on fears of oversupply of copper.
Shares gained in New York overnight, sending the Dow Jones Industrial Average index up 22.94 points to 9,956.32.
The broader S&P 500 index added 5.82 points to 1,114.82, while Nasdaq’s Composite index gained 25.02 points to 1,936.52.
Shares in Asia were also up this morning, sending Tokyo’s Nikkei 225 index up 99.24 points to 11,064.86.IFAonline
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