nikkei 225

The FTSE 100 opened higher as investors responded positively to news BP has scrapped its dividend until 2011 and agreed to fund a $20bn oil spill compensation package.

The FTSE started the day positively buoyed by a strong start for bank stocks and increased hopes of a global recovery.

The FTSE 100 lost 40 point in early trading on Thursday as BP shares continued to drop.

The FTSE 100 rose 1.48% or 76.18 points to 5,227.50 as sentiment was boosted by a strong showing from Wall Street and Asia overnight.

The FTSE 100 had a strong start to the day, up 1.15% to 5095.78, despite weaker news from the US overnight with the Dow closing below the 10,000 mark.

Miners are among the early fallers on the FTSE as European markets tumble following a ban on naked short-selling in Germany.

The FTSE edged higher while sterling fell from a 10-month high on the first day of the UK's new coalition Government.

The FTSE was flat in early trading this morning at 5345.24 points as Europe's markets regained some composure after going into temporary freefall over the past two days.

Japan's Nikkei 225 plunged by the most in 13 months today as global markets continue to be spooked by concerns Greece's debt crisis could spill over into Europe.

Miners fell sharply this morning on news the Australian Government plans to introduce a new 40% tax on resource projects from July 2012.