FTSE sets sights on 5,000 after 3% surge

The FTSE 100 is edging closer to 5,000 this afternoon as the US markets shared in today's global market rally upon opening.

London's leading index is up more than 142.70 points, or 2.96%, to 4,966.23. Miners are in strong demand on positive China sentiment, with Antofagasta adding 6.57%, Kazakhmys up 6.05% and Xstrata advancing 5.69%. BP has continued yesterday's rebound by gaining a further 2.96%. The oil giant was also boosted RBS upgrading the stock from 'hold' to 'buy', believing the pricing of the stock already reflects the worse possible scenario of the Gulf of Mexico spill. Banks were also amongst the risers, with Barclays' gaining 5.36%. US markets have opened strongly after the Independence ...