London Close: Footsie enjoys pre-Christmas surge

Footsie has battled its way above 5500, and there are just a handful of the top-share index's constituents that are not participating in the advance, including banking titans Lloyds, Standard Chartered, HSBC and Royal Bank of Scotland.Hopes that the US recovery is gathering pace and that it might, perhaps, drag Europe along with it in its slipstream has put a smile on the face of investors. A slight black spot, however, has been the monthly bank lending figures which have revealed a weakening in both mortgage lending and lending to businesses. The figures from the BBA also showed unsecured borrowing, like credit cards and overdrafts also fell in November.As well, the Office for National Statistics (ONS) reported that service sector output contracted at a 0.7% on month rate of change in October.All of the above indicators contributed to a fall in 10 year gilt yields to below 2% for the first time. M&A activityAmong the FTSE 250 members, property group London and Stamford is on the up after it said it has sold 17 warehouses for £265m, a figure which exceeds the valuation figure for the portfolio as at 30 September 2011. Incontrast, Perform, the digital media firm specialising in sports content, if off the pace after it said it has acquired two related German businesses: Spox Media and mediasports Digital. The two businesses are being acquired for an initial cash consideration of €3.65m, with a maximum deferred cash consideration of €12.35m payable. More FTSE 250 actionAmlin, the insurance company, has increased its coverage against hurricanes and earthquakes in the US and wind-storm peril in Europe through a $150m bond. The deal has seen Bermudian company Tramline Re take on the re-insurance contract then package it up into "principle-at-risk" three-year variable rate notes or bonds. The proceeds from these notes will make up the collateral for Tramline Re's obligations to Amlin.Out in the UK section of the North Sea, there has been good news for Antrim Energy and Premier Oil. Antrim Energy, the Canadian oil company, says it has drilled a successful sidetrack well to assess the Erne discovery, an asset it jointly owns with Premier Oil. Antrim says the work on Erne has "de-risked" other drilling in the region.Blacks getting ready to fold up its tentsThe situation is looking very bleak for Blacks Leisure, the outdoor clothing retailer which looks to be in a death spiral. The company has given up looking for a saviour, and seems resigned to selling off bits of the company piecemeal. Blacks says it is no longer in an offer period - i.e. no one is interested in buying the company - but it continues to hold discussions with a number of selected parties with a view to concluding the sale of trade, assets and brands of the company in January 2012.It warns, however, that "it is most unlikely that any value will be attributable to the ordinary shares."Another tiddler getting hammered is drugs developer SkyePharma, after its Flutiform asthma treatment ran into further regulatory delays. FTSE 100 - RisersTullow Oil (TLW) 1,378.00p +2.53%Reed Elsevier (REL) 515.50p +2.38%CRH (CRH) 1,255.00p +2.37%SABMiller (SAB) 2,237.50p +2.19%Pearson (PSON) 1,217.00p +2.18%National Grid (NG.) 616.00p +2.16%BP (BP.) 460.00p +2.15%Severn Trent (SVT) 1,482.00p +1.93%Antofagasta (ANTO) 1,222.00p +1.92%Polymetal International (POLY) 1,130.00p +1.89%FTSE 100 - FallersLloyds Banking Group (LLOY) 25.61p -0.91%Standard Chartered (STAN) 1,379.00p -0.72%Intertek Group (ITRK) 1,936.00p -0.26%Eurasian Natural Resources Corp. (ENRC) 628.00p -0.24%HSBC Holdings (HSBA) 487.90p -0.13%Serco Group (SRP) 469.40p -0.11%FTSE 250 - RisersRegus (RGU) 84.55p +5.69%Kenmare Resources (KMR) 45.05p +5.50%Supergroup (SGP) 526.00p +4.78%Homeserve (HSV) 295.20p +4.02%DS Smith (SMDS) 193.50p +3.31%Misys (MSY) 234.40p +3.21%London & Stamford Property Ltd. (LSP) 108.10p +3.05%Caledonia Investments (CLDN) 1,375.00p +2.77%Soco International (SIA) 295.80p +2.67%Centamin Egypt Ltd. (CEY) 85.20p +2.53%FTSE 250 - FallersCarpetright (CPR) 480.00p -5.51%Ocado Group (OCDO) 56.10p -4.92%Perform Group (PER) 205.30p -2.24%Kier Group (KIE) 1,328.00p -2.06%Rathbone Brothers (RAT) 1,000.00p -1.96%Brown (N.) Group (BWNG) 227.50p -1.81%Rank Group (RNK) 125.10p -1.26%Renishaw (RSW) 922.00p -1.23%Interserve (IRV) 315.00p -1.19%Provident Financial (PFG) 924.50p -1.18%--jh