FTSE closes at 5702.1

The London market staged a strong recovery to close 9.2 points up at 5702.1 having begun the week 107 points in the red.

Stronger mining, oil and banking stocks helped turn the initial deficit into gains, with Halifax Bank of Scotland one of the top share risers.

HBOS rose 20p to 560p, or 4 per cent, as confidence continued to return to the stock after the battering at the hands of speculators.

Barclays was also higher with a rise of 3.25p to 453p.

Life assurer Friends Provident was another strong performer, jumping 3 per cent after private equity firm JC Flowers tabled a new takeover approach.

Other heavyweight moves on the risers board included oil giants Royal Dutch Shell and BP, which lifted 37p to 1696p and 9p to 512p respectively, while Antofagasta also fared well, up 25.5p to 701p.

And pharmaceuticals firm AstraZeneca gained 36p to 1884p after positive research findings relating to its cholesterol-lowering drug Crestor.

One of the biggest drags on the market came from mobile phone giant Vodafone, which dipped almost 4 per cent, or 6.1p, to 150.9p after a downgrade from Morgan Stanley.

The biggest FTSE fallers were ITV down 4.6p at 63.3p, Old Mutual off 4.7p at 110.5p, London Stock Exchange down 51p at 1208p and Vodafone down 6.1p at 150.9p.

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