FTSE

Figures published by the US government today showing that economy grew by a higher than expected 3.3% annualised rate in the second quarter helped support UK share prices to send the FTSE up 20.80 points to close at4,588.10.

Reported plans to acquire South African bank Absa has sent shares in Barclays down sharply today, helping establish a FTSE 100 loss of 24 points to 4,568.30 by the close.

Overnight losses on US markets sparked by inflation fears have flowed through to Europe this morning, helping send the FTSE 100 down about 9 points to 4,583.

News of retail sales picking up in August increasing the likelihood of further interest rate rises has the FTSE 100 wobbling slightly although the index is currently up about 6 points to 4,554.

Abandoning a rumoured bid for Abbey has send HBOS shares soaring and helped the FTSE 100 index gain about 13 points to 4,558 this morning, despite rising oil prices hurting US shares overnight.

Shares in media stocks climbed on evidence of advertising growth and speculation of consolidation in the sector, helping the FTSE add 13.50 to 4,558.50 by the close.

Strong gains by Japanese stocks on capital expenditure data helped the FTSE 100 index put on about 15 points to 4,565 this morning.

Volatile early trading has seen the FTSE 100 index yo-yo around its opening before hitting its current level up about 1 point to 4,519.

Investors looked to rumours of a hostile bid for struggling Sainsbury that helped push the FTSE 100 index up 16.60 points to 4,518.60.

Statements from drinks maker Diageo on ‘difficult' European sales have pushed the FTSE 100 index down about 3 points to 4,498.