Dow Jones

Mining giant BHP Billiton helped to lift confidence in UK trading today after announcing it had bought back more shares than initially predicted, while Corus boosted shares by increasing the price of steel.

UK stocks have regained some of the ground lost yesterday as the indicators which drove the market down - oil and the US dollar - are now moving in the other direction.

Oil prices and mining were firmly back on the agenda again today, as the price of a barrel of oil rose close to $50 again in New York this afternoon and pushed the value of dependent firms downwards.

A fall has seen the FTSE 100 Index shed about 27 points to 4,733 this morning, paced by Reuters and British Airways as oil prices have again touched the $50 level.

The FTSE 100 Index has broken a two-day trend, shedding about 12 points to 4,793 this morning when shares in the UK's two largest drugmakers fell after US health officials said two products needed closer safety reviews.

Stocks in the UK have closed higher today, pushed by telecom firms MM02 and Vodafone, with the FTSE 100 index closing up 9.40 points at 4,805.30.

In the UK this morning, the FTSE 100 index is back on the rise picking up about 7 points to 4,776, paced by MM02.

Today's trading on the FTSE 100 index was dominated largely by the UK Government's plans to ban smoking in public places, driving down share prices of the tobacco companies and pub chains.

The FTSE 100 Index is trading fractionally down about 7 points to 4,796 this morning, although mobile phone company Vodafone is doing its bit to hold the market steady

Trading helped the FTSE 100 index keep its nose slightly above the 4,800 level closing 9.20 higher at 4,803.10 points.