FTSE ends up 1.4% as oils, Tesco gain; miners weak

Tue Dec 2, 2008 5:20pm GMT
 
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* FTSE 100 ends up 1.4 percent

* Tesco advances after trading update

* Oils majors gain as crude steadies

* Miners weak amid global demand concerns

By Jon Hopkins

LONDON, Dec 2 (Reuters) - Britain's leading share index ended 1.4 pct higher on Tuesday, recovering some of Monday's falls in tandem with a rally on Wall Street, with oil stocks higher as crude prices steadied, offsetting weakness in miners. The FTSE 100 .FTSE was up 57.37 points at 4,122.86, below the day's peak of 4.137.11 but well above the 3,973.26 low.

The UK benchmark slid 5.2 percent Monday and is down over 36 percent on the year amid fears of a deep global recession.

"A rebound from a sell off that went too far yesterday is a likely contributor as are noises from central governments that they may be willing to go further to help their ailing economies," said David Evans, market analyst at BetOnMarkets.com

U.S. Treasury Secretary Henry Paulson said on Monday the government was working on new programs to stimulate lending.  Continued...

 
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