Shares looked headed for another day of losses before oil and telecoms helped bring some confidence back to the market, which saw the FTSE 100 index close up 3.90 points at 4,626.60.
MmO2 gained 1.5p to 101.5p as analysts started upgrading their bets on dividend payments from, primarily, mobile phone network operators.
Vodafone gained 1p to 137.5p on reports the company’s bosses were hinting at a dividend increase next week.
Cairn Energy was up 8p to 1,499p, holding on to gains on the back of a statement it won more rights to explore for oil in India.
BP gained 2.5p to 546p on crude oil prices hitting another high in New York this afternoon.
British Airways lost 5.5p to 200.5p by contrast as investors struggled to calculate what the latest oil price increases would mean to airlines’ bottom lines.
Sainsbury’s dropped 4.25p to 242p ahead of results out tomorrow, which are expected to show the once dominant supermarket has lost further ground to leaders Tesco and Wal-Mart-owned Asda.
In New York the Dow Jones Industrial Average is up about 11 points to 9,945 currently, led by insurer AIG.
The company is up about $1 to $58.85 as investors come back to this and other insurance stocks on the back of promises to stop paying commissions to insurance brokers in the wake of the latest scandal to hit Wall Street.IFAonline
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