FTSE pushes back above 5300

Shares in the world's biggest alcoholic drinks group Diageo rose 2% after the firm, which makes Smirnoff vodka and Guinness beer, reported a slight fall in annual profits but said growth would pick up this year on the back of price increases and cost cutting. Diageo also said this morning it expected to double its share buy-back programme in 2005/2006. It bought back shares worth £710m in 2004/2005. Building materials firms with exposure to the US market, such as Hanson and Wolseley, rose as investors wagered they would benefit from the massive rebuilding needed after Hurricane Katrina ...