The FTSE 100 Index has recouped losses as upbeat US employment figures helped markets regain their composure in the face of sky-high oil prices.
The top flight stood 10.3 points higher at 5925.8 as Asian markets built on modest Wall Street gains seen on Wednesday after a key report gave hope that the dark days for the American jobs market may be over.
The big development of the session involved BSkyB after Culture Secretary Jeremy Hunt gave his provisional backing to remedies proposed by Rupert Murdoch’s News Corp for the media giant’s planned takeover of the broadcaster.
With News Corp looking to spin-off Sky News but retain a 39% stake, investors took the view that a deal for BSkyB had moved a step closer.
Shares rose 2% or 17.25p to 816.25p, even though the Financial Times reported a person familiar with News Corp’s strategy as saying that those investors hoping for more than 750p to 800p a share were likely to be disappointed.
In another busy session for corporate news, shares in insurance giant Aviva fell 1.2p to 448.5p despite it reporting a 26% rise in operating profits to £2.55 billion – a performance in line with City expectations.
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