LONDON (AFP) - London shares closed up sharply on Thursday as optimism over the US Congress' approval of a 700-billion-pound government rescue plan fueled investor confidence.

The FTSE 100 index gained 1.99 percent to 5197.02 points.

Vodafone was the most traded stock, seeing 274 million units change hands, followed by Royal Bank of Scotland which saw 100 million shares switch owners.

Insurers reaped the benefits of increased confidence with Old Mutual up 9.8 pence -- or 12.6 percent -- to stand at 87.8, followed by RSA, rising 15.9 pence -- or 11.1 percent -- to finish at 159.4.

Miner Eurasian was the top causualty, down 40 pence -- or 6.3 percent -- to finish at 595.

Hedge fund Man Group, still reeling from the restrictions imposed on short-selling, was next, detracting 25.25 pence -- or 6.19 percent -- to end at 382.75.

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