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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Miners are leading a rally by Footsie helped by good gains by Australian-listed stocks after the big rate cut in Sydney overnight.

A late rally on Wall Street is also helping sentiment. Dow Jones closed almost 400 lower due to ongoing chaos in the global financial system, but losses had been more than double that at one stage.

Fresnillo, Xstrata and Anglo American lead the mining sector higher. HBOS is also going well alongside Schroders in the financials. Tesco is currently the only faller.

Kazakhmys has signed a memorandum of understanding with Samruk-Energy that will see the pair consider a strategic partnership and joint ownership of the Kazakhmys Power division.

Michael Page saw third quarter profit rise 14.6% to £141.4m, but the recruitment firm warned it will axe more staff during the final quarter of the year if market conditions continue to deteriorate.

Ready meals group Northern Foods said although profits are weighted more towards the second half, at the half way stage, it remains on schedule to deliver pre-tax profits in line with expectations.

Yellow Pages publisher Yell has agreed an amendment to its bank covenants with major banks that gives it more flexibility in tough conditions.

Sausage maker Cranswick's like-for-like sales rose by 10% in the half year to September with higher selling prices offsetting raw material increases.


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