markets

National IFA Cavanagh Group has confirmed it has entered into preliminary discussions that could lead to the company being taken over.

The FTSE has broken through 6,000 this morning, following a strong performance from the US with the Dow Jones soaring to a two year high.

US GDP grew to an annualised rate of 3.2% in Q4 2010, driven by consumer spending.

London's leading share index was down 0.37% at 5954.39 in early trading on Thursday, stemmed by disappointing results from US companies and weakness in Asia.

The FTSE has dipped 1% after a steady morning session as sentiment was hit following China's move to curb rising inflation in the country.

The FTSE 100 was up 1.09% or 60.17 to 5588.44 at 10.20am, shrugging off yesterday's dull showing after concerns over the eurozone debt left the index firmly in the red.

Banks led the FTSE 100 index 0.6% higher in early trading to 5,704.96 as investors showed their relief after Ireland agreed an €85bn (£72.5bn) rescue package.

The FTSE took its early lead from strong gains in Asia rather than muted US markets, up by 0.5% to 5,723.51.

The FTSE had climbed significantly by lunchtime after positive results from a number of major companies.

The FTSE advanced in early trading on Thursday following two days of losses as Shell posted bumper Q3 profits.