Market update: shares push further ahead as GDP is revised upwards

Share prices push further ahead as the second-quarter gross domestic product is revised upwards to -0.7% quarter on quarter vs the last estimate of -0.8%.

However, the annual fall of 5.6% was the largest since records began in 1955.

By 10am, the FTSE 100 index was comfortably above the psychological 4,900 level, with a gain of 50 points at 4,919, and the Mid-250 index was 90 points higher at 8,791.

Miners were back in favour, with Kazakhmys claiming the top spot at 988p, up 51p, as brokers warmed to yesterday's positive trading update.

Others to post strong gains were Eurasian Natural Resources at 868p, Xstrata at 823p and Lonmin at £14.69, up 31p to 55p.

Firmer banks continued to feature Lloyds at 109p, up 4.14p, following a report that it is considering several alternatives to joining the government's asset protection scheme, which may include the sale of Scottish Widows.

Barclays made further progress to 379p, up 10.25p, and Standard Chartered also shone at £14.07, up 31p.

Elsewhere, the recovery prospects benefited Wolseley at £14.46, BT Group at 140p, British Land at 488p and Petrofac at 885p, up 3.15p to 41p.

Yesterday's encouraging news on house prices prompted renewed demand for housebuilders and kindred issues.

Savills rallied 17p to 357p on further reflection of yesterday's update, while Carpetright rose 30p to 830p, SIG 7p to 141p, Persimmon 17p to 495p and Redrow 6p to 245p.

Among numerous companies reporting, Aga Rangemaster improved 13p to 148p, Brammer lost 8p to 150p, British Polythene gained 13p to 220p, Chesnara jumped 7p to 170p, Davis Service added 10p to 392p, Headlam declined 10p to 305p, Johnston Press picked up 3p to 38p, Raymarine fell 4p to 13p, Robert Walters hardened 4p to 148p and Stagecoach put on 2p to 139p.