The FTSE 100 opened at 5,132 today and climbed 0.23% higher in early trading, bolstered by beleaguered oil major BP.
BP shares were up 3.97% this morning despite reports in the national press that US government scientists have doubled their estimate of the size of the Gulf of Mexico oil spill. The group's shares closed 6% down in late trading yesterday.
Banks also supported the FTSE, with Barclays up 1.69% and Lloyds up 0.57%.
Among the largest gainers were Amlin, Catlin Group, Resolution, and Wood Group, while laggards included Antofagasta, Co-operative Bank, ARM and Rio Tinto.
Meanwhile European markets rose this morning, with the French CAC-40 climbing 0.7% and the German DAX up 0.4%.
Yesterday Asian markets closed higher, with the Nikkei up 1.7% and the Hang Seng up 1.44%.
However, the Japanese Prime Minister Naoto Kan has warned the country is at risk of 'collapse' under its mountain of debt, the BBC reports. In his first major speech since taking office, he said Japan needs financial restructuring to avoid a Greece-style crisis.
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