FTSE 100 surges in early trade

Friday 29th May 2009

The FTSE 100 surged 1.05 per cent in early trading to 4,433.40 as a surprise jump in house prices and a rise in US markets boosted investor confidence.

Silver miner Fresnillo led the risers again, up by 3.06 per cent by 08:30 BST, followed by a 2.94 per cent rise in BHP Billiton.

Financial stocks were also out of the red, with Royal Bank of Scotland up by 2.67 per cent and Man Group up 2.36 per cent.

But Tullow Oil, the Ireland-based oil exploration group, fell in early trading, down by 2.06 per cent.

Investors were cheered by a 1.2 per cent rise in house prices in May, according to Nationwide, which could be a sign the housing market is beginning to stabilise.

US markets also ended higher, as concerns about government bond yields eased and oil price rose.

The Dow Jones ended up 1.3 per cent, while the S&P 500 rose by 1.5 per cent. ADNFCR-1783-ID-19192250-ADNFCR

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