Bellway shares increase 14p; stocks and shares.

THE FTSE 100 index was pushed higher yesterday, reaching a five year high, helped by mining and oil stocks.

Commodity prices enjoyed a rebound, sending blue chip miners including Rio Tinto and BHP Billiton higher, whilst oil reverted to its upward trend after its recent downturn, benefiting both BP and Royal Dutch Shell. The FTSE closed at 6172.4, up 15.1 points.

Ahead of Bellway plc announcing its full year results, there was some encouraging news for the housing market yesterday.

Rightmove, the property website, released figures to show that UK house prices had risen by some 2% in the early part of this month, as demand for quality properties in desirable locations continued to outstrip supply.

Bellway said yesterday that it will deliver results that are "in line with expectations" and has improved confidence for the future. In anticipation, the share price closed at 1366p, up 14p, some 79% higher than its 2005 share price low of 764p. Barratt Developments, the other house builder in the regional portfolio, closed at 1088.5p, down 6.5p.

Elsewhere, pharmaceuticals firm Glaxosmithkline (GSK) received a welcome acknowledgement from Dresdner Kleinwort, the German investment house, as it reiterated its buy recommendation on GSK's shares despite warning that the mid term elections in the US could harm sentiment for the pharmaceuticals sector as a whole.

GSK is considered to be a leader in medical research and is building a strong pipeline of drugs. The share price reacted positively, adding 3p to close the day at 1462p. Other companies to see their share prices rise were D1 Oils, the biofuels company, which added 1.5p to 209p, and Sage Group, which moved 5.25p higher to 254.5p.

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Katie Brown is an Assistant Director of the Wise Speke division of Brewin Dolphin Securities Ltd.