FTSE keeps head above water

The FTSE has recovered 28 points to 4556.9

The London market kept its head above water amid hopes the top flight would be able to match a record eleven-day winning streak.

Gains came after a rise for Asian markets overnight, coupled with expectations of a positive Wall Street opening, as oil prices also continue to climb.

But the FTSE 100 Index made little headway, with a rise of 6.48 points to 4583.1 by lunchtime, as investors tentatively eyed the record potential of an eleventh straight rise for the market.

If the Footsie finishes in positive territory it will match a similar run seen at the end of 2003 and beginning of 2004 to mark the best sequence of gains since the index began in 1984.

Wall Street has also had a winning streak in recent days with the Dow Jones Industrial Average climbing above the 9,000 mark for the first time since January.

Dow futures have pointed to a positive opening amid rising optimism on the economy after a spate of better than expected earnings reports.

Oil prices rose above 68 dollars a barrel as its rally extended into a third week.

In London, Financial Times and Penguin publishing firm Pearson leant its weight to the rise. It soared 55p to 661p - or 9% - after the group said it was trading ahead of expectations so far this year.

Lloyds Banking Group followed in its wake after a positive broker comment. The state-backed bank added 3.65p to 81.64p after Nomura upgraded it to buy. Royal Bank of Scotland was also on the leader board with an almost 3% rise - up 1.23p to 43.24p - as chairmen and chief executives from the major UK banks are expected to attend a meeting with chancellor Alistair Darling where they will be encouraged to improve lending to businesses.