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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/obamas-tax-break-plans-lift-ftse.jpg"><img class="alignnone size-full" title="The FTSE 100 Index closed 38 points ahead at 5808.5" src="http://londonglossy.com/wp-content/uploads/2010/12/min-obamas-tax-break-plans-lift-ftse.jpg" alt="The FTSE 100 Index closed 38 points ahead at 5808.5"/></a></p>
<p>The London market has headed for highs not seen since mid-November after a strong morning session was bolstered by President Barack Obama&#8217;s plans to extend tax breaks in the US.</p>
<p>Supermarkets were in sharp focus on the FTSE 100 Index earlier in the day as Tesco reported robust third quarter sales and vague Qatari bid talk returned to boost Sainsbury&#8217;s shares.</p>
<p>The Footsie closed 38 points ahead at 5808.5 after the strong start was consolidated by President Obama&#8217;s decision to keep tax cuts introduced during the last presidency in place for another two years.</p>
<p>The pound edged higher against a softer euro at 1.18 as investors focused on eurozone debt problems. Sterling was up against the dollar at 1.58.</p>
<p>Tesco was also one of the leading risers, up 2% or 10p to 430p, after its third quarter figures came in marginally above market expectations. It said like-for-like sales were up 1.5% in the three months to November 27.</p>
<p>This was better than the 1.2% increase during the first half despite easing food price inflation.</p>
<p>The retail giant admitted the recent snow disruption had since impacted sales, but said lost ground would likely be recovered as consumers stock up over the next few weeks.</p>
<p>Rival Sainsbury&#8217;s was nearly 5% higher, up 16.1p to 373.6p, as traders once more speculated over the possibility of takeover interest from the Qataris.</p>
<p>BP lifted 1% or 5p to 457p, while among miners Antofagasta was 71p higher at 1528p.</p>
<p>The biggest Footsie risers were African Barrick up 34.5p at 600p, Resolution ahead 11.4p at 226.4p, Antofagasta up 71p at 1528p and Sainsbury&#8217;s ahead 15.3p at 372.8p and the biggest Footsie fallers were ICAP down 9p at 519p, Aggreko off 25p at 1538p, International Power down 6.3p at 413.6p and Serco off 6.5p at 565p.</p>
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