The FTSE 100 has gained 52.77 points or 1% at 15.37 as signs across the trading floor look positive.
At midday the index was up 0.5% and reached 5000 for the first time since the height of the banking crisis in October 2008.
It still has a fair way to go to reach the 52-week high of 5416.7, but recent acquisitions, and prospective mergers have given some confidence back to the stock market.
Tim Whitehead, Stockbroker at Redmayne Bentley, told Reuters: “We see the markets treading water in the short term. We would not be surprised to see a bit of profit taking coming in.”
However, he remained cautious and said he would not be surprised to see the market hover at this point for the next three months or so.
Yesterday (8 September), economists at the National Institute of Economic and Social Research said that the UK recession ended in May.
News that British exports had risen at their fastest monthly pace since 2008 in July have also given reason for optimism and hopes for a recovery in the UK economy. ICM also reported today (9 September) on news from Nationwide that its Consumer Confidence Index was on a slow rise.
At midday the index was up 0.5% and reached 5000 for the first time since the height of the banking crisis in October 2008.
It still has a fair way to go to reach the 52-week high of 5416.7, but recent acquisitions, and prospective mergers have given some confidence back to the stock market.
Tim Whitehead, Stockbroker at Redmayne Bentley, told Reuters: “We see the markets treading water in the short term. We would not be surprised to see a bit of profit taking coming in.”
However, he remained cautious and said he would not be surprised to see the market hover at this point for the next three months or so.
Yesterday (8 September), economists at the National Institute of Economic and Social Research said that the UK recession ended in May.
News that British exports had risen at their fastest monthly pace since 2008 in July have also given reason for optimism and hopes for a recovery in the UK economy. ICM also reported today (9 September) on news from Nationwide that its Consumer Confidence Index was on a slow rise.
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