THE winning run of the FTSE 100 index finally ended yesterday but the market's leading benchmark still managed to end the week above the 3,800 level.
After seven consecutive daily rises, Footsie fell 0.7 points to 3,810.7. Nevertheless, it finished the week with a net 40 point increase.
For a time yesterday, it seemed as if the fall was going to be more decisive. A strong distributive trades survey from the Confederation of British Industry diminished hopes that the chancellor might be able to make further interest rate cuts.
An opinion poll showing Labour had increased its lead over the Conservatives may also have depressed sentiment, especially as a poll earlier in the week had showed the gap was shrinking. By lunchtime, Footsie had lost 17.5 points to 3,793.9.
But even though Wall Street was fairly flat the Dow Jones Industrial Average recorded only a three point gain by the close of London trading the British stock market managed to rally in the afternoon. Unlike Footsie, the FTSE Mid 250 index rose on the day, gaining 5.9 to 4,324.5.
Volume was subdued, with 513.8 million shares traded by the 6 p.m. count, of which 59 per cent was in non FTSE 100 stocks. The value of retail business on Thursday was £1.49 billion sterling, after two consecutive sessions in which it passed the £2 billion mark.
