FTSE 100 up in early trading

Thursday 4th June 2009

The FTSE 100 recovered in early trading by one per cent to 4,427.04 by 09:00 BST after yesterday's sell offs, led by financial stocks.

Aviva shares were up by 4.48 per cent, followed by a rise in Royal Bank of Scotland shares, up by 3.88 per cent and Barclays, up by 3.56 per cent, ahead of the Bank of England's interest rate decision expected at noon.

Investors are expecting the central bank to keep interest rates at 0.5 per cent.

Morrison WM Supermarkets also helped boost the index with a 2.83 per cent rise after posting strong first quarter like-for-like sales.

The retailer's results also lifted shares in J Sainsbury, which rose by 2.53 per cent.

Mining and energy stocks fell back slightly, with Vedanta Resources falling by 2.78 per cent and Cairn Energy was down by 1.12 per cent.

The falls reflected a drop in oil prices, which also affected US markets overnight.

The Dow Jones dipped by 0.75 per cent, while the S&P 500 was off by 1.37 per cent. ADNFCR-1783-ID-19201898-ADNFCR

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