FTSE 100 higher as commodities rally2006-10-09 21:52:00

Confirmation of North Korea's underground nuclear test, which helped oil, also pushed metals prices higher and that saw the miners rise in the stock market.

Anglo American the world's number two miner was up 58 at 2281and Rio Tinto, the world's number three mining group, up 109 at 2572.

London-listed South American copper producer Antofagasta rose 16.5 to 475.

Shire showed the FTSE 100's best of the day and hit a five-year high on news released after the market had closed on Friday that the US FDA had issued what's called an "approvable letter" for the company's attention deficit treatment NRP-104. Full approval and launch of the drug is expected in Q2 2007. Shire shares ended the day up 131 at 1008.

Steelmaker Corus rose further, gaining 13 to 494, after last week's 24% jump on talk India's Tata Steel could bid. New name in the frame was Russia's OAO Severstal

On the downside...

British Airways reported the resignation of Commercial Director Martin George and Iain Burns, the airline's head of communications. BA is under investigation by the Office of Fair Trading and the US Department of Justice for the way the airline priced long-haul passenger fuel surcharges - there were six between May 2004 and March 2006. BA fell 8 to 430.25.

Partygaming will be cashing in its chips at the FTSE 100 table on Wednesday - the index compilers have confirmed the online gaming firm will be bounced out of the top 100 as part of the latest review of top table players in the London market. The stock was also hit by a downgrade - adding insult to injury - after losing 63% of its value last week. On the day, Partygaming down 2.5 at 39.

Elsewhere among the poker players, drawing dead, Worldgaming was suspended at its own request at 8.5.

In telecoms, BT, and Colt fell 3 and 1.5 respectively on broker downgrades and ITV fell 2.25 to 100.25 after UBS AG downgraded the broadcaster to "neutral" from "buy" on lower forecasts for advertising revenues.

Water utility Severn Trent ended at 1482 following the share consolidation and demerger of its binmen business, sorry waste management arm, Biffa

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2006-10-09 21:52:00 © Moneyextra.com