FTSE 100 up 1% on US gains

Wednesday 30th July 2008

The FTSE 100 rose 1.1 per cent this morning, following gains overnight in New York.

At 9:37 BST the index stood at 5,377.30 up 58.10 points.

Last night the Dow Jones rose 2.39 per cent – with no falls recorded on the index – while the Nasdaq was up 2.45 per cent.

In London trading, Admiral Group led the gains rising 9.27 per cent after the insurer reported half year profit rises of 18 per cent.

Miners Ferrexpo and Vedanta Resources rose 6.15 per cent and 5.77 per cent respectively, while packing firm Rexam was up 5.54 per cent.

Insurance giant Aviva rose 3.91 per cent after releasing promising results.

Lloyds TSB – posting a 70 per cent drop in pre-tax profits – fell 2.88 per cent.

Power generator Drax was down 2.59 per cent, retailers Marks & Spencer and Sainsbury dropped 1.81 per cent and 1.61 per cent respectively, while medical equipment manufacturer Smiths Group was down 1.34 per cent.

Sterling was up 0.12 per cent against the dollar to $1.98215 and unchanged against the euro to €1.27035, making €1 worth £0.78693.

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