FTSE limps higher

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Britain's top shares posted modest gains on Wednesday, building on the previous session's advance and tracking a late-session rally on Wall Street, though persistent concerns about Spain looked set to keep a cap on any rise.

The FTSE 100 was 10.30 points, or 0.2 percent, higher at 5,484.04 by 09:01 SA time, having advanced 0.8 percent on Tuesday, recovering from a fall in the afternoon as Spanish bond yields hit their highest levels of the euro era, on worries about the impact of its banking bailout.

“The situation in Europe continues to be close to total melt-down,” said Lex van Dam, hedge fund manager at Hampstead Capital, which manages $500 million of assets.

“Interest rates in Spain and Italy have reached unsustainable levels again and Germany is not going to accept eurobonds for many years. Very hard for the market to do well with that backdrop.” - Reuters


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