Shares closed higher, just off the session peak as the second quarter steamed ahead, lifted by strong gains and further advances by mining and energy issues.


At the close of play, the FTSE100 was 59.7 points higher at 6,024.3 with the FTSE250 up 30.7 points at 9,881. The AIM100 dropped 9.1 points at 6,083.5.

Volume was fair with 12.818 billion shares changing hands in 334,455 deals.


Oil prices rallied strongly with IPE Brent for May delivery rising $1.80 to $67.71 a barrel with traders reporting funds opening fresh long positions on the first trading session of the new quarter. At one point Brent peaked at $67.79, close to its intra-day record of $68.89 reached in the aftermath of the US hurricanes last autumn.


Today’s look at individual Stocks:


BHP BILLITON helped the FTSE 100 back over the 6000 points mark today, adding 67p at 1,118.5p, after announcing the completion of a bigger than expected off market share buyback. BHP was building on record highs in Australia overnight, on the prospect of uranium sales to China as well as the likelihood of a further rise in iron ore prices.


Elsewhere, in the heavyweight oil sector, BG Group was up 9p to 728.5p after a good first quarter trading update. The gas exploration and production company said it traded ahead of market expectations in the first quarter thanks to a strong performance by its liquefied natural gas business


Standard Chartered shares climbed 38p to 1,470p after a report in yesterday's Observer Newspaper suggesting that Singaporean investment group, Temasek, has refused to rule out making a full £19bn bid for the emerging market bank. Last week Temasek became Stanchart's largest shareholder after buying an 11.55% stake in the group held by Singapore's Khoo family.


On the downside today were blue chips, shares in Northern Rock lost 8p to 1,176p as a trading update from the mortgage bank sparked some profit taking after recent gains. Northern Rock said

continued strong trading performance in the first quarter is in line with guidance and its strategic intention of achieving annual growth in assets of 20% and growth in profit attributable to shareholders of 15%

M&A talk continued to dominate the markets this afternoon. Rank shares continued to head the gainers, closing 12.75p higher at 238.25p, after it claimed private equity group Blackstone is close to making a £1.4bn bid for the group. The stock also benefited from an upgrade to neutral from reduce by UBS, with a new price target of 240p, up from 215p, a small premium to the suggested Blackstone bid, I think.


Elsewhere, Warren Buffett, the world's second richest man is making a $14bn long term bet on global stock markets without actually putting any money down. Berkshire Hathaway, the insurance and investment group run by Warren Buffett, has sold clients insurance protection against a drop in four equity indexes with a maximum exposure of $14bn. If all the indexes (three of which are non-US) fall by 30 per cent, Berkshire Hathaway would incur a pre-tax loss of about $900m.


The portfolio continued to gain strength today. Burren Energy (BUR) gained 3.6% up 34p to 987.5.
Meanwhile CSR (CSR) closed down 1.7%, 20p to 1180p after huge gains on Friday, which saw the share climb to an intra-day high of 1227p.

Fenner (FENR) closed up 1.6%, 3.25p to 205.75. Target 240p

Carphone Warehouse (CPW) closed just slightly down 0.2%, 0.75p 308.25. Target 400p