Shares closed today at a five-year high, its highest level since February 2001. Strength was gained among mining stocks and the blue chip index driving the market higher.
At the close of business, the FTSE 100 was up 51.3 points at 6,132.7. The FTSE 250 gained 50.7 points to close at 9,940.3.
Volume was poor today, with just 2.324 billion shares changing hands in 305,725 deals. Everyone must have gone home early!
The mining sector was the star performer today as investors used yesterday's heavy sell-off as an opportunity to top up and purchase some cheap bargains as metal prices recovered from what proved to be a short bout of profit taking.
Gold and silver prices fell sharply yesterday, down 5% and 14% respectively, as investors locked in profits following recent strong gains.
Metal prices resumed their ascent, with copper hitting a record high of $3 usd a pound.
Crude oil breached the $74 a barrel mark in New York on Friday, on persistent fears that demand will squeeze global supplies. US-Iran tensions and Nigerian supply concerns are also driving the market higher. The benchmark contract for June delivery of light, sweet crude touched $74.45, after the May contract expired on Thursday at the $71.95 mark. The price of Brent North Sea crude fell to $73.74, after touching a record of $74.22 on Thursday.
US oil prices have increased around $12 a barrel this year on supply concerns as investment funds plough billions of dollars into commodities. The footsieblog recommends buying oil stocks now before the April 28th Deadline. The UN Security Council is due to discuss Iran on 28 April 2006 - the deadline given to Iran to address its concerns.
Today’s look at individual Stocks:
Antofagasta and Kazakhmys climbed 120p to 2,468 and 51p today to close at 1,239 respectively. The remaining mining stocks also faired well with Xstrata gaining 91p to close at 2,087, Anglo American gaining 74p to 2,460, and Rio Tinto climbed 87p higher to 3,162.
The continued strength of crude oil futures helped Royal Dutch Shell rise 44p to 2,043, and BP rise 11p at 712.
Shares in the National Grid jumped 6p to 578 on old lady rumours again of a possible 750p a share bid from German utility E.ON.
A positive trading statement provided by Pearson sent the shares up 3p to 761p after the media group said it made a good start to 2006 and trading is in line with expectations.
The downside today saw advertising group WPP continuing to top the blue chip loser’s board. At the close the company was down 5p at 701p as disappointing growth was met with mixed reaction to an in-line trading update from the advertising giant. In response to this, Merrill Lynch reiterated its 'buy' advice and said revenues were slightly ahead of its estimates but added organic growth of almost '5%' was slightly disappointing relative to market expectations.
British Energy shares lost some ground due to some profit taking; they closed down 5p to 723p after a superb run earlier this week following a trading update from the company.
AB Foods lost 7p to close at 799p after being downgraded to 'neutral' from 'buy' by Merrill Lynch following recent first half results.
BAA plc confirmed its rejection of Grupo Ferrrovial's 810p per share takeover bid.
In a statement issued overnight after the Spanish construction company published its offer document, BAA said its board
reiterates its advice to shareholders to reject this hostile offer, made at a price which bears no relation to the true value of the company 
BAA Chairman Marcus Agius said:
The Ferrovial Consortiums offer cannot be taken seriously. It is no more than a tactical manoeuvre and our shareholders should have nothing to do with it
BAA shares fell yesterday after reports suggested Ferrovial could come back with an improved bid which was not as high as the market expected. BAA was down 0.4% at 861p.
Wyevale Garden Centres PLC, said this morning it has received a £310m cash offer for the business, according to the FT. The offer is led by Scottish retail entrepreneur Tom Hunter and Iceland's Baugur. The Financial Times reported. The offer of 555p a share is likely to be recommended by the board, the paper claimed. Wyevale shares jumped 20p yesterday afternoon but closed down 0.72% at 548.50p. The offer represents a 7% premium to the stock price before Hunter began building his stake in February. According to the FT, chairman Jim Hodkinson agreed to the deal amid deteriorating sales at the company. Wyevale also revealed today a 15% decline in like-for-like sales over the last three months.
The Portfolio:
Lower-than-expected sales of iPods and concern over its role as a supplier of chips for the music player weighed on Wolfson Microelectronics (WLF). Apple has decided against using rival semiconductor group Portal Player in the iPod nano, prompting worries over whether Wolfson would also be dropped. Citigroup, house broker, admitted there was uncertainty but said it expected Wolfson to retain
its role. This helped ease worries that had dragged Wolfson lower this past week. Wolfson’s results are due out on Monday. Expect a turbulent day with this stock. The stock for once this week closed up at 2.15% at 428.00p. The footsieblog still rates this stock as a buy
Victoria Oil and Gas also saw a huge rally at the end of the week, closing higher 9.13% - 20.50p at 245.00p
The other oil stock in the portfolio also saw gains, Tullow Oil (TLW) once again benefited from the surging oil market to close up 0.12% - 0.50p at 403.50p.
