Moving into the final moments of trading, the FTSE has put in a positive afternoon showing with some late gains. 

With an increase of 1% by 4pm, the UK index was buoyed by strong performances in the energy sector. Oil companies posted the day's largest gains after news that Saudi Arabia – the world's biggest exporter of crude – cut supply last month to boost flagging oil prices. Tullow Oil was the big winner as its share price rocketed 22.3% on the back of new oil finds and rising oil prices. Sector-rivals Cairn Energy and BG Group were also up, 11.25% and 5.86% respectively. The leap in oil prices was bad news for BA, which was down 4.4%.  Across the Atlantic the Dow opened lower, but had more or less recovered by close of play in London.

With most economic news still very much recessionary in tone – figures from the US today revealed the fastest weekly jump in unemployment for 26 years – shareholders might well be asking themselves whether the FTSE's recent spate of gains might come to an abrupt end. Yet for now at least, most shareholders seem willing to let the gloomy news fall on deaf ears and today's strong showing has taken the index to its highest levels in a month, with investors now tentatively eyeing the 4500 mark.

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