The London stock market surged to a four-year high yesterday amid relief that Hurricane Rita had not proved as destructive as had been feared.

The Footsie put on 39.5 point to 5453.1 by the close of business.

Crude oil prices were steady at above $64 a barrel on Monday after Rita spared Houston's giant oil refineries but smacked into plants further east.

US crude was up six cents at $64.25 a barrel, up from the $62.65 low hit in Sunday's session. London Brent crude rose 18 cents to $62.62.

In London, oil shares were among the few losers as speculators took their profits on fears that the sector may have peaked.