FTSE ends fractionally higher as miners recover ground



06 January 2010 @ 04:57 pm BST

Amongst the miners, Xstrata advanced the furthest as metals prices picked up, ahead 41p at 1,229p, while Vedanta gained 76p at 2,830p and Rio Tinto added 3,633.5p.

With gold rising to $1,136 an ounce, Randgold Resources jumped 150p at 5,325p.

Business software firm Autonomy was the best blue chip performer of the session, ahead 90p at 1,560, after saying it expects to report 2009 results in line with consensus estimates, with strong cash conversion for the year.

Building materials group Wolseley was also well-placed, jumping to the top of the blue chip leaderboard, up 61p at 1,361p, despite warnings of a tough time ahead for the house builders.

Commercial property sank after a bright start following press comment that office rents in London as expected to soar as banks decide to remain in the city.

Hammerson dipped 1.8p at 407.2p, shrugging aside an upgrade to neutral from sell at UBS with the target price raised to 425p from 370p. Land Securities lost 4.5p at 662p and British Land moved 12.1p lower at 457.9p.

Also on the downside with blue chips, Marks & Spencer tumbled to the foot of the blue chip ladder, off 27.5p at 377.4p, as news of the first increase in sales for some considerable time was offset by a cautious outlook for the sector and a downgrade to hold from buy at Seymour Pierce.

The news soured the major retailers, with only Next making any progress at all, up a modest 1p at 2,101p.

Supermarket operators were all on the sell list, with Tesco the biggest faller, down 8.4p at 412.05p. Morrisons slipped 1.5p at 276.4p and Sainsbury dipped 1.9p at 318p ahead of its trading update tomorrow.

National Grid was under pressure on reports that gas shortages are expected in the wake of the cold UK weather. The shares fell 14.5p at 667.5p.

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