FTSE yo-yos, but ends on high

The FTSE 100 index has closed on a high this afternoon after a slightly turbulent day, closing 20 points up at 5050.4 points.

Leading the benchmark today was Hanson, the world's biggest supplier of sand and gravel, up 17p at close of trading to 534.5p.

Royal & SunAlliance and Corus Group also made gains, up 2.25p to 83.75p and 0.75p to 42.5p, following the news financier Andrew Regan who controls investment vehicle Corus Group, is considering launching a takeover bid for the recovering insurance firm.

On the losing side today were BSkyB, which dropped 11p to 514.5p, Whitbread which dropped 11.5p to 915.5p and Cable & Wireless which lost 1.75p to 139.75p.

In the US, the Dow Jones Industrial Average index got off to a good start, led by Morgan Stanley, after the world's largest securities firm said chief executive Philip Purcell will step down following a two-month campaign by former executives to oust him.

The Dow Jones is currently trading up 59.27 points at 10571.9 points. Morgan Stanley's gain has been somewhat limited after the firm forecast fiscal second-quarter per-share profit of $0.88 to $0.94.

Apple Computers has also risen $0.70 to $36.51 following the company's decision to use Intel's chips in its computers - a move which is believed will boost Apple's share of the home-entertainment market by giving customers access to Windows-based software and games.

Those having a bad day, however, include Northwest Airlines, which has so far slid $1.08 to $5.25. The fourth-largest US airline is close to filing for insolvency according to reports in the US press. Delta Air Lines, the third-biggest US carrier, has also lost $0.07 to $3.70.