PRESIDENT Obama’s State of the Union address buoyed the London market yesterday as investors cheered moves to support growth in the world’s biggest economy.

The FTSE 100 Index closed 51.5 points higher at 5969.2.

Mr Obama called for the lowering of the corporate tax rate as part of efforts to revive the US economy and said there would be a fiveyear freeze on domestic discretionary spending to cut national debt.

Vodafone was among those on the rise after solid results yesterday from Verizon Wireless, which is 45 per cent owned by the British mobile phone firm.

Shares rose 1.2p to 180.7p.

Temporary power firm Aggreko topped the risers board as shares surged more than five per cent or 75p to 1485p.

Oil firm BG was not far behind after an exploration venture in which it has a 30 per cent stake discovered high-quality oil in deep waters at an offshore field in Brazil. Shares jumped 45.5p to 1372p, a rise of three per cent .

Antofagasta led the sector higher with a 46p rise to 1436p. A downgrade for BP had the reverse effect, with shares dropping 5.3p to 491.7p.

WH Smith was higher despite it announcing a further deterioration in like-for-like sales. Chief executive Kate Swann said it remained on track to meet forecasts due to its focus on costs and more profitable product ranges.

Shares were 2.1p higher at 482.9p.

JJB Sports fought back from initial losses after the FSA hit it with a £455,000 fine for failing to disclose full-deal costs when it bought two smaller rivals in 2007 and 2008. Shares were flat at 4.6p.

Irn-Bru maker AG Barr moved ahead, up 34p to 1111p, after it said sales so far in the fourth quarter were up three per cent, despite disruption from last month’s snow.