At noon today, the FTSE100 was up 13.8 points at 5,666.1 with the FTSE250 down 4 points at 9,195.1 and the FTSE Smallcaps down 4.7 points at 3,321.6.

Volume was ok with 738.7 million shares changing hands in 101,547 deals.


Looking ahead to Wall Street, IG Index was predicting the DJIA to open some 19 points higher at 11,943 after yesterday's fall, with investors remaining nervous ahead of tomorrow's FOMC interest rate decision.


Oil stocks benefited as crude futures climbed past $72 a barrel overnight as the market focused on the prospect for tight gasoline demand during the US summer driving season following refinery problems on the Gulf coast. New York's main contract continued to rise this morning, up 24 cents at $72.16 a barrel.


Today’s look at individual Stocks:


BP climbed 1.5p higher at 614.5p and Shell gained 11p at 1,826p.


The strongest rise so far today came from steel maker Corus Group, which jumped 14.75p to 443p, amid talk of further sector consolidation. This morning's rumours focused on a possible 520p per share take-out price for Corus.


Rexam stock gained 9.75p to 503.25p after Merrill Lynch upped its stance to buy from neutral, building on yesterday's strength when Citigroup also upgraded the industrial packaging manufacturer's shares to buy from hold.


Sage benefited from Goldman Sachs this morning upgrading its recommendation to neutral from sell with the shares up 5.75p at 225.25p.


Hanson is currently down 2.5p at 643p after saying it expects its first-half operating profit to rise 10% year on year from £197.3 million last time. The construction materials group also said that strong US growth has outweighed an expected 50% drop in first-half profits at its UK building products division, leading Citigroup to stick to its hold recommendation while ABN Amro maintained its buy advice.


Xstrata is down 21p to 1,883p, Rio Tinto is down 45p at 2,705p, BHP Billiton is down 19p at 972p and Antofagasta is down 9p at 391p.