FTSE up 1.1 pct as commods rise;British Land gains

Britain's leading share index rose over 1% early on Thursday as heavyweight commodity stocks tracked rising energy and metal prices, while British Land was the standout company to report numbers.
At 0737 GMT the FTSE 100 was up 58.4 points, or 1.1% at 5,507.0 after falling 1.6% in the previous session.
On the upside, oil shares led the way to account for 24 positive index points, as U.S. crude prices extended gains of $3 in the previous session to almost $117 a barrel.
BP, Royal Dutch Shell and BG Group tacked on 1.4-2.9%.
Miners also helped support the UK's bluechip index, as metal prices edged higher. Rio Tinto, BHP Billiton, Xstrata and Antofagasta added between 4.2 and 4.9%.
"Hopefully these markets will get some kind of reprieve and we're going to see more of a settled period thank God," said Manus Cranny at MF Global Spreads. "The whole emphasis, in terms of where we go, is all the focus on the commodities."
"There is still reasonable volatility. We are right in the middle of a very thin month — a lot of people on vacation and scaling down their positions."
"There is some (upside) sustainability. (But) our market is so heavily weighted toward oil and commodity stock, that our ability to really rally aggressively by the year end is fairly limited," he added.
Across the Atlantic, U.S. stocks dipped on Wednesday, as persistent concerns about the credit crisis hurt bank shares while the climbing oil price and weak outlooks at some retailers raised anxieties about consumer spending.
In UK financials, HBOS gained 0.2% after the the lender said it would cut 425 jobs and shut down one of its five mortgage brands to new business as it positions itself for a shrinking loan market and a drop in house prices.
Lloyds TSB also rose but Barclays and Royal Bank of Scotland lost ground.
On the economic calendar, U.S. data leads the way, with July consumer price index numbers and weekly jobless claims due from 1230 GMT.