FTSE

BP and Vodafone led the FTSE higher by about 39 points to 4,395 this morning, taking the index' rebound since Monday's close to more than 100 points.

Shares gained for a second day in a row in London as oil prices gained on fears output in Russia, now the second biggest exporter, may be cut because of bailiffs taking assets in lieu of tax payments from the country's biggest exporter Yukos.

Strong results from Prudential helped the FTSE to a gain of about 12 points to 4,300 this morning.

Just 10 stocks made gains by the close as the FTSE 100 shed 39.30 points to 4,287 as many of the biggest stocks dragged the index lower.

Investors only looked one way today as share prices failed to recover from an opening drop and sent the FTSE to a 71 points loss to 4,306.30 by the close as US markets opened down this afternoon.

Investors across Europe have been spooked this morning by yesterday's falls in US markets triggered by fears over technology company earnings, and the FTSE 100 index has fallen about 56 points to 4,320.

Shares dropped then gained in the first hour or so of trading today to send the FTSE 100 index up about 9 points to 4,347.

A profits warning from Intel after the close of US markets overnight has sent European stock markets lower this morning, and helped push the FTSE down about 28 points to 4,328.

Bigger UK stocks fell today sending the FTSE 100 down 33.20 points to 4,360.

Martin Cobb, manager on the Franklin Templeton Investments UK Equity OEIC says pension fund issues may cause considerable problems in evaluating UK companies.