UK shares look to extend winning run

British investors will look to capitalise next week on the encouraging gains made over the past fortnight, following the choppy trading of recent months.
On Friday, London's FTSE 100 index of leading shares ended at 5,833.40 points - up 2.48 percent or 141.3 points from a week earlier. The previous week it had won 1.69 percent in value.
An interest rate decision from the Bank of England will be crucial for the British stock market next Thursday - the same day a rate call is due from the European Central Bank.
Borrowing costs have been in sharp focus over the past week after the US Federal Reserve hiked interest rates to 5.25 percent on Thursday - but hinted that it may now pause for breath after 17 increases in a row.
That soothed fears over slowing global economic growth and led to a round of bumper gains overnight on Wall Street and across Asia and Europe on Friday.
London's FTSE 100 was also boosted on Friday by heavyweight mining and oil stocks, which gained on the back of rising metal and crude prices, and helped the index strike 5,865.70 points - a level last seen on May 17.
According to ABN Amro analyst Lars Kreckel, the time is now for investors to jump back into the British stock market and snap up bargains.
"We maintain our view that equity markets present an attractive buying opportunity at current levels," Kreckel said.
"With the global economy set to sustain at least trend growth through 2007, the macro backdrop still appears 'pro-equity'."
Global stock markets have taken a beating in recent weeks over fears of rising interest rates to keep inflation in check.
On June 13 the FTSE had struck 5,467.40 points, which marked the lowest point since December 1, 2005.
However, on April 21, the FTSE had closed at 6,132.7 points - the highest finish since February 15, 2001 - as energy and mining groups were lifted by record high commodity prices.
The Bank of England is widely forecast to keep British interest rates at 4.50 percent for the eleventh month on Thursday.
Manufacturing and industrial production data are also due for release.
On the corporate news radar, energy giant BP and exploration group Cairn Energy publish trading updates, while monthly passenger traffic numbers are due from airlines BA and easyJet.