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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/oil-and-gas-surge-boosts-footsie.jpg"><img class="alignnone size-full" title="The FTSE 100 Index edged into positive territory, up eight points to 6010.4" src="http://londonglossy.com/wp-content/uploads/2011/01/min-oil-and-gas-surge-boosts-footsie.jpg" alt="The FTSE 100 Index edged into positive territory, up eight points to 6010.4"/></a></p>
<p>BP sparked a strong session for the oil and gas sector after news of its £10 billion deal with Russia&#8217;s Rosneft, but wider progress was held back by miners.</p>
<p>The FTSE 100 Index edged just eight points higher at 6010.4 as BP rose nearly 2% following Friday&#8217;s announcement of an Arctic exploration alliance and share swap with Russian government-owned Rosneft.</p>
<p>Reports of opposition to BP&#8217;s deal from its partners in the Russian TNK-BP joint venture failed to hold back share gains for the oil giant, up 7.4p to 506.9p.</p>
<p>It will take a further 9.5% stake in Rosneft while Rosneft will own 5% of BP following the deal, which the UK Government described as &#8220;groundbreaking&#8221;.</p>
<p>Oil and gas exploration firms followed suit and posted gains, with Petrofac up 9p at 1624p and Centrica ahead 1.6p at 328.8p.</p>
<p>Smiths Group headed up the risers board with an 8% surge, ahead 106p to 1388p, following Friday&#8217;s after-close announcement that the firm had rejected a £2.45 billion cash approach for its medical arm.</p>
<p>Smith &#038; Nephew followed it with a further 4% gain, up 27p to 712p, after weekend reports that US suitor Johnson &#038; Johnson is preparing to make a formal offer for the group worth £7 billion.</p>
<p>But the market was weighed down, with no direction provided from Wall Street as US markets shut for Martin Luther King Day, and as the mining sector saw falls.</p>
<p>The sector was hit by worries over China&#8217;s decision to raise the reserve ratio requirement for its banks. Investors fear the fiscal tightening may curb the country&#8217;s demand for commodities.</p>
<p>Silver miner Fresnillo dropped more than 3%, losing 49p to 1443p, while copper miner Kazakhmys shed 25p to 1615p and Anglo-Australian group Rio Tinto lost 62p to 4374p.</p>
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