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FTSE up 0.6 percent; energy shares, Carphone lead

Mon Jul 7, 2008 1:38pm IST
 
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* FTSE 100 up 0.6 pct

* Oil shares gain as crude near record high

* Carphone Warehouse up after Goldman rates "buy"

By Dominic Lau

LONDON, July 7 (Reuters) - Britain's top share index rose early on Monday, recouping part of the previous session's steep losses as near record high crude boosted energy stocks while Carphone Warehouse (CPW.L: Quote, Profile, Research) gained on a bullish broker report.

By 0747 GMT, the FTSE 100 .FTSE was up 34 points at 5,446.8 after losing 1.2 percent on Friday. The UK benchmark index ended 2.1 percent down last week, marking its seventh straight week in retreat.

The FTSE 100 has fallen 15.7 percent so far this year.

"I am enjoying the dead cat bounce and believing none of it," said David Buik of Cantor Index. "We haven't had a piece of good news for three months."  Continued...

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