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Market report.

COMMODITIES stocks gained ground today as the London market sought to claw back the steep falls of the previous session.

A mark-down for miners from Morgan Stanley sent the FTSE 100 Index tumbling to a 3% fall yesterday but investors returned to the sector today amid hopes the sell-off was overdone.

With oil prices close to 130 US dollars a barrel cheering the petrochemical majors, the Footsie had gained 32.5 points after an hour of trading.

The leading Footsie riser was BG Group on the soaring crude prices - up 3% or 42p to 1364p.

Royal Dutch Shell and BP gained 53p to 2194p and 12p to 640p respectively. Mining stocks also enjoyed a minor bounce-back from yesterday's panic, with Kazakhmys 41p ahead at 1833p, BHP Billiton up 36p to 2059p and Vedanta Resources cheering 47p to 2684p.

On a day where top-flight news was in short supply, Lambert & Butler maker Imperial Tobacco was the leading Footsie casualty, following a downgrade from JP Morgan after yesterday's bigger than expected pounds 4.9 billion rights issue. The stock was down 13% or 323p to 2132p.
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Title Annotation:Business
Publication:Evening Gazette (Middlesbrough, England)
Date:May 21, 2008
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