FTSE 100 rises 1% as delay in Syria action boosts sentiment

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Following three down days, the FTSE 100 is up almost 1 per cent or 48.34 points in early trading at 6,478.40 as a delay over military intervention in Syria cheers markets.

As 0925 BST, Vodafone is leading the way, up 9 per cent at 206.82p as the group confirmed it is in talks with US group Verizon Communications over the sale of its stake in their joint venture Verizon Wireless.

Melrose Industries also edged higher, firming 4 per cent at 295.4p, while advertising giant WPP jumped 3 per cent to 1,215p following its announcement that profits rose 19 per cent over the first half of the year, compared with the same period last year.

However miners are putting a drag on the blue-chip index’s progress with Randgold Resources off 2 per cent at 5,075p and Fresnillo 3 per cent looser at 1,256p.

Brewin Dolphin head of portfolio strategy Guy Foster says: “Markets have been extremely sensitive to news surrounding the possibility of intervention in Syria.

“The potential for the conflict to be delayed or perhaps avoided is giving a tentative bid to some of the more distressed markets this morning.  Oil and gold are retreating and crucially some of the emerging markets are showing signs of stability.”