FTSE

Oil majors gained as crude oil prices again rose in New York overnight, but banking and telecoms stocks dragged the FTSE index down by about 10 points to 4,732 this morning.

After four weeks of gains the FTSE finally dropped the ball, shedding 44.50 points to 4,760.80 points by the close today to end the week down as fears of rising US interest rates and a blow to the pharms sector hurt investor confidence.

London-listed shares pushed higher today led by telecoms stocks MmO2 and Vodafone, helping the FTSE 100 index add about 16 points to 4,812 so far today.

Strong gains by US stocks on unexpected positive news in the technology and retail sectors helped send US stocks higher, and help the FTSE move up this afternoon to close up 25.50 points at 4,795.90.

Currently up about 14 points to 4,790, the FTSE 100 index should close up over the full week to make it three in a row and putting it within fighting distance of the key 5,000 points level by year-end.

The FTSE 100 Index has closed almost a percentage point high this afternoon, up 42.40 points at 4,776.90 for its third successive day of gains.

UK stocks soared in the last half hour of trading as investors reacted to positive unemployment figures published in the US, enabling the FTSE to close up 9.80 points at 4,728.30, despite lagging for most of the day.

With a lead, but not an outright win, so far in the US presidential elections going to Bush, markets in Asia and Europe have been making gains this morning, with the FTSE following suit up about 24 points to 4,718 currently.

Gains were made by all but one stock on the FTSE today as investors piled in on oil price changes, sending the FTSE up 49.60 points to 4,673.80 by the close.

Gains by oil and telecoms stocks have helped the FTSE gain about 30 points to 4,653 so far today.