Markets buoyed by Libya ceasefire and oil price surge

Global markets have been boosted by news of a ceasefire in Libya, rising oil prices and intervention by the G7 nations to suppress the value of the yen.

The price of Brent Crude rose to $115.45 dollars a barrel today, on the back of concerns allied air strikes and enduring turmoil may disrupt Middle East exports, while Libya's ceasefire on Friday also helped spur a rally in global stocks.

London's leading share index opened up 0.87% at 5767.92 this morning, with Vodafone leading the charge, rising 4.38%. BT Group followed, rising 2.94%, Weir Group rose 2.57%, Legal and General Group was up 1.91% and IMI gained 1.83%.

Conversely, Essar Energy was down 1.37%, ITV dropped 0.69%, National Grid fell 0.52%, Inmarsat was down 0.35% and Capita Group 0.33%.

Meanwhile in Europe, Germany's Dax was up 0.11% or 7.5 points, while France's Cac 40 rose 0.63%, or 24 points.

On Wall Street, the Dow Jones increased 0.7% or 84 points on Friday, closing at 11,859. Meanwhile, the S&P 500 rose 0.4% or five points, ending the day at 1,279, with financial stocks gaining after certain banks passed stress tests and boosted dividends.

Japan's Nikkei 225 is closed for trading today for a public holiday.