FTSE rises with Anglo American

Anglo American has gained 1.2% to 2,356p on reports the mining company bought 490,000 of its own shares and now holds 4.24m shares in treasury. BP has risen 1.1% to 672p after it said it will return as much as $65bn to shareholders between this year and 2008. Production in the first quarter increased outside of Russia, where a slowdown in growth resulted in an overall decline of 1.7%. Severn Trent has also gained 1.4%, to 1,214p. Merrill Lynch upgraded shares of the water company to "buy" from "neutral", while Morgan Stanley raised the stock to "equal weight" from "underweight". In...