Drax powers FTSE past 6,400

Mining firm Xstrata posted the biggest gains with a rise of 3.58% to £26.64, closely followed by power group Drax which climbed 3.28% to 739.5p, as rumours of a private equity bid continued to circulate. Oil giant BP also performed well with a rise of 2.78% to 535p, while ITV added 2.69% to 114.5p, and Whitbread advanced 1.91% to £17.08, although gains were limited by Reuters which slipped 1.63% to 423.5p. Lloyds TSB was the biggest drag on the index with a fall of 3.43% to 592p, as some investors were disappointed by its outlook statement, while Old Mutual dropped 1.76% to 181.5p, Ca...