London close: Blue chips at 15-month high

29th Dec 2009 16:48

London's blue chip index closed at a new 15-month high having regained all of the ground lost after the collapse of Lehman Brothers.Footsie was last this high on 12 September 2008 when it stood at 5,416. The following day Lehman Brothers went bust. London is now the seventh stock market to regain all of the ground lost since Lehman went under.News of crowds flocking to shopping centres around the UK boosted property groups. British Land, Liberty and Segro all rallied, while miners closed mixed after a bright start.Xstrata, Vedanta Resources, Kazakhmys and Lonmin were in demand as the price of copper surges ahead on strike votes at two of Chile's big mines pulling up other metal prices with it. Gold miner Randgold Resources fell as the price of the precious metal fell below $1,100 per ounce.Other risers in London include Smith & Nephew, TUI Travel and RSA. HSBC and British American Tobacco are among the worst performers. Cadbury was lower following reports yesterday that Italian chocolate firm Ferrero is still considering joining the bid battle for the Dairy Milk maker. Cadbury is fighting a hostile takeover from American chocolate firm Kraft.British Airways is also struggling on fears of much tighter security following the Christmas day attack on a Delta Airlines flight from Amsterdam.Vodafone has agreed to acquire Borusan Telekom, a fixed voice and data services in Turkey. Borusan Telekom had net revenues of $70m last year.Elsewhere, unemployment will peak at 2.8m in 2010, according to the latest forecast from the Chartered Institute of Personnel and Development, a reduction of nearly 400,000 from its previous peak estimate of 3.2m.