FTSE shares on three-year high
The FTSE 100 Index today stood above the landmark 5,000 barrier for the first time since the summer of 2002.
The top flight index, which has risen by 200 points since the start of the year, passed the milestone after adding another 5.6 points today.
It brings the index of the UK’s top 100 shares closer to the levels seen before a slowdown sparked by the dot.com collapse and the September 11 attacks.
The Footsie had been as low as in 3287 in March 2003.
Recent takeover activity involving UK companies has lifted shares.
Although much of it has involved firms in the FTSE 250 Index, the rush of merger and acquisition activity has rubbed off on the top flight.
Corporate results have helped, with oil giants Shell and BP unveiling their biggest ever profits and banks due to follow suit in the coming weeks.
The Footsie has also benefited from a good run by American shares, which were higher last night amid hungry buying of microchip stocks and drug maker Pfizer.
