Morning Market: bright start on upbeat miners

Share prices make a bright start to the week against a background of growing investor confidence on the outlook for the global economic recovery.

By 8.45am the FTSE 100 index was up 22 points at 5,185 and the Mid-250 index was 52 points better at 9,714.

Miners led the advance with Kazakmys at £11.65, Fresnillo £10.36 and Anglo American £26.42, up 27p to 66p.

BP remained in the doldrums as its oil spill costs hit $1.6 billion and President Obama suggested the oil giant should set up a escrow account to pay damages claims.

Favourable press and broker comment supported Kingfisher at 227p, Intercontinental Hotels £11.77 and Wolseley £16.13, up 4.30p to 25p and British Airways improved 4p to 203p amid hopes that last-ditch talks with the union will succeed in preventing future strike action.  

Lloyds eased 0.52p to 53.81p in the wake of a Morgan Stanley rating downgrade, but a UBS rating upgrade lent support to Enterprise Inns, 4p better at 110p.

Weir Group surged 101.50p to £10.52p following stronger than expected trading and a Malaysian acquisition. and recent good results continued to support Halfords, 11p firmer at 545p.

Akers Bioscience picked up 2.25p to 12.8p after signing up US group Fischer as its distributor.

Lipoxen hardened a penny to 8,945p, as it expanded collaboration with Baxter