Another power-packed performance by the banks, plus a sprinkling of exceptional gains among the consumer areas of the market, propelled the London equity market to within striking distance of record levels yesterday.
The FTSE 100 index surged forward from the outset of trading, its fourth winning session, closing a net 85.4 higher at 6,108.6, only 70.4 away from its closing high of July 20th last year. Its intra-day high was 6,195.6 on January 8th this year.
At its best yesterday, shortly after Wall Street opened for business, the FTSE 100 was up 110 and threatening a run at its best ever close. But it could not maintain its momentum, dribbling off its high, as the Dow Jones Industrial Average slipped back from an early three-figure rise.
Not long after London closed its trading books for the day, the Dow was showing a 60 point gain. During its four-day run, the index has climbed 338.4, or 5.9 per cent. Prior to those gains, the market had dropped for six consecutive sessions, sliding 242.8 or 4 per cent.
The exceptional gains in the leaders did not spill over into the rest of the market, however. The FTSE 250 delivered a much more modest 23.7 gain at 5,200.9, while the FTSE SmallCap made rather laboured progress all day, eventually finishing 7.5 firmer at 2,248.1.
Although posting a 6 per cent rise, Barclays was eclipsed by NatWest, which vied for pole position on the Footsie leader board ahead of results due next Tuesday.
