A resurgent FTSE 100 Index climbed for the fifth session in a row to reach a six-week high after a recovery in oil prices lifted energy stocks.
Brent crude firmed at $49 a barrel, which lifted a range of oil and gas firms such as production and exploration giant BG Group.
The FTSE 100 Index was 107.9 points higher at 6728 as the top flight extended its progress over the last week to more than 250 points.
BG Group was up 36.6p to 885.9p, BP was 13.8p higher at 426p, and Tullow Oil rose 14.5p to 384.5p.
The prospect of the European Central Bank’s expected announcement tomorrow of a quantitative easing programme aimed at stimulating the 19-bloc eurozone economy also lifted the market.
However, the pound weakened against major currencies after the minutes of the Bank of England’s most recent meeting showed all nine members of its policy committee were in favour of keeping interest rates at 0.5%.
Martin Weale and Ian McCafferty abandoned their arguments for lifting the Bank rate by 0.25% after voting five times to do so since last summer.
This prompted many economists to revisit their forecasts for the date of a first rise in interest rates from later this year to early 2016.
Despite official figures showing that UK unemployment has fallen to its lowest level for more than six years, the pound dropped to 1.51 versus the US dollar and to 1.30 against the euro.
For more market info news click here.
Recommended for you
