7th September 2011
Britain's leading share index has been pulled higher by strong commodities and a rally from major banks.
Having lost nearly six per cent in the pervious two sessions, the FTSE 100 gained 1.1 per cent on Tuesday (September 6th) and added a further 1.9 per cent before midday today, Reuters reports.
Integrated oils were the leading performer in the blue-chip sector, with BP rising 2.9 per cent after its partner Chevron announced news of a deepwater discovery in the Gulf of Mexico.
Elsewhere, copper mining firm Antofagasta added 3.3 per cent on the back of firmer base metal prices.
Meanwhile, several banks saw their shares rally as concerns over sovereign debt problems in the eurozone subsided slightly. Lloyds Banking Group led the gains with 4.9 per cent.
Giles Watts, head of equities at City Index, told the news agency on Tuesday that the latest rise in stock prices is not a result of "renewed bullishness".
He said many investors are "looking to make a quick buck and picking up stocks in the short term expecting a quick bounce".
Posted by Andrew Cottrill
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