FTSE 100 higher in early trading

The FTSE 100 has extended its rally this morning on an optimistic outlook from retailer Next.

By 09:00 GMT the index was up almost six points to 4,585.55, on a previous close of 4,579.64.

Next shares climbed 5.87 per cent after the group said it is on track to meet its full-year profit expectations, while hedge fund Man Group rose 5.52 per cent and Friends Provident was up 4.22 per cent.

Banking stocks fell in early trading, with Lloyds TSB down 2.31 per cent and Royal Bank of Scotland down 1.91 per cent.

Overnight, the Dow Jones closed 0.91 per cent lower, while in Asia, Japan’s Nikkei 225 rose by 0.42 per cent and Hong Kong’s Hang Seng was 0.35 per cent lower.