FTSE ends up 4.4 percent to extend gains

By Dominic Lau

LONDON (Reuters) - The leading share index rose for the sixth straight session on Tuesday, up 4.4 percent as commodity stocks tracked higher crude and metal prices, while banks gained on hopes of a steep interest rate cut this week.

The FTSE 100 .FTSE ended 196.22 points higher at 4,639.50 -- its highest closing level in four weeks -- ahead of the results of the U.S. Presidential election. Nearly 1.5 billion shares changed hands, compared with Monday's 1.23 billion and last week's average of 1.54 billion.

The benchmark, however, is still down 28 percent this year, part of a global equity slump sparked by a credit crisis that shook the world's top banks and slowed the economy.

Heavyweight oil shares rose along with firmer crude prices, partly boosted by a weaker U.S. dollar. BP (BP.L), Royal Dutch Shell (RDSa.L), BG Group (BG.L) and Cairn Energy (CNE.L) were up between 4.9 and 8.4 percent.

BG Group reported a 140 percent rise in third-quarter profit, beating analysts' forecasts, but said it may delay a key project in Kazakhstan due to rising development costs.

Miners were also in demand, lifted by stronger metal prices. BHP Billiton (BLT.L), Rio Tinto (RIO.L), Anglo American (AAL.L), Xstrata (XTA.L), Vedanta Resources (VED.L), Antofagasta (ANTO.L), Kazakhmys (KAZ.L) and Lonmin (LMI.L) put on 4.9 to 17.6 percent.

"What the big test would be if this market can press on and may be start making progress towards the 4,660 territory," said Stephen Pope, chief global market strategist at Cantor Fitzgerald Europe.

He said only once that level had been breached "can there be really a sense that we have broken the back of this long decline in the market."