ANOTHER successful gilts auction, and the 84-point jump overnight by the Dow Jones Industrial Average, injected a much-needed burst of confidence into London shares yesterday.
Some of the market's more optimistic dealers said Wall Street was set for further big gains and that pockets of selling pressure represented no more than profit-taking.
The main FT-SE indices, taking their cue from the Dow's overnight gain, made determined progress ending the session at or around the day's closing highs.
Adding to the growing pressure on stockbrokers was another low-key trading session; turnover in equities at the 6 p.m. count was 802 million shares.
Official figures from the stock exchange yesterday revealed that customer, or strictly retail, business was worth £791.5 million sterling on Wednesday, slightly up on levels earlier in the week but well down on usual levels of business.
Footsie began the day in good heart, responding to the rise in the Dow and a firm showing by Treasury bonds, which ended well ahead after the first auction of inflation linked issues.
British Borneo, the market's star performer since last December, continued its upward spiral after the company's executives addressed London analysts. And Enterprise Oil topped the FT-SE 100 performance list following more good drilling news.
Today brings a long list of economic news from the US, most notably gross domestic product for the fourth quarter, inflation news, new home sales for December and the Chicago Purchasing Managers index for January.
