6 July 2005, 12:48  London's shares rise

The FTSE 100 posted solid gains in early deals following a positive session on Wall Street last night, with heavyweight oil stocks once again providing much of the support to the blue chip index, said traders. At 8.54 am, the FTSE 100 was 256.3 points higher at 5,216.4, while the broader indices were also higher. Volume was solid, with 343.0 mln shares changing hands in 20,879 deals. US indices posted strong gains yesterday, on the back of a strong manufacturing report and upbeat sales news from Wal-Mart. The DJIA closed up 68.36 points at 10,371.8, while the Nasdaq Composite rose 21.38 points at 2,078.75. Nikkei 225 was down 13.17 points at 11,603.53 at the end of the day. Oil prices rose again in Asian trade, moving towards 60 usd a barrel, sparked by worries that two tropical storms could hit US crude production in the Gulf of Mexico.

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