Around the World's Markets: London

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The Independent Online
THE PROSPECT of further cuts in interest rates sent blue chips racing ahead, with Footsie surging 132.2 points to 5,606.2. Institutions were said to be chasing shares. But the rush was confined to blue chips: supporting shares were mixed, with the small cap index giving ground.

P&O, the shipping group, led the charge, gaining 82p to 669.5p on reports that its 50 per cent-owned container shipping group was weathering the Asian crisis better than expected.