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London shares buoyed by Wall Street London shares buoyed by Wall Street
(about 2 hours later)
(Midday): London's benchmark index continued to move higher on Friday, following Thursday's 2% jump. (Close): London's benchmark index continued to move higher on Friday, following Thursday's 2% jump.
The FTSE 100 was up 28.38 at 6,494.38, or 0.44%, with Europe's other main stock markets also rising. The FTSE 100 closed up 1.2%, or 79 points at 6,545.27, with Europe's other main stock markets also rising.
Tesco shares were the biggest gainer by midday, up by 4%, boosted by a positive analyst note. Tesco shares were amongst the biggest gainers, up by 5%, boosted by a positive analyst note.
John Wood, the energy services group, dropped 5%, despite former boss Ian Wood saying fears of a collapse in North Sea oil industry were overdone. John Wood, the energy services group, dropped 1%, despite former boss Ian Wood saying fears of a collapse in North Sea oil industry were overdone.
The price of oil was up 1.2% for Brent at $59.99, just hanging on beneath the $60 a barrel level. The price of oil was up 1.3% for Brent at $60.58.
Still in the energy sector, Tullow Oil shares were up 4%, reversing an earlier fall of almost 2%. Still in the energy sector, Tullow Oil shares were up nearly 7%, reversing an earlier fall of almost 2%.
Global markets have pulled out of their recent slump after the US Federal Reserve reassured that it will take a patient approach to raising interest rates.Global markets have pulled out of their recent slump after the US Federal Reserve reassured that it will take a patient approach to raising interest rates.
On Wall Street last night, the Dow Jones index jumped by 420 points, or 2.4%, in its biggest one-day surge in three years, On Thursday that pushed the Dow Jones up by 2.4%, its biggest one-day surge in three years.
For the week, the FTSE 100 closed up 3.9%, adding £62bn in value to London's top 100 listed firms. However, it still did not recover from last week's slump, when it saw its worst week in three years.