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Version 6 | Version 7 |
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FTSE breaks through 5,000 level | FTSE breaks through 5,000 level |
(10 minutes later) | |
Leading UK shares have risen to their highest level for almost a year, with the FTSE 100 index rising above 5,000 points. | Leading UK shares have risen to their highest level for almost a year, with the FTSE 100 index rising above 5,000 points. |
Shares have risen this week on the back of merger activity, with US Kraft Foods making a £10.2bn bid for UK chocolate maker Cadbury. | Shares have risen this week on the back of merger activity, with US Kraft Foods making a £10.2bn bid for UK chocolate maker Cadbury. |
This has encouraged investors to think that risk appetite has returned to markets and that the recession is over. | This has encouraged investors to think that risk appetite has returned to markets and that the recession is over. |
Rising commodity prices have also helped to boost stocks. | Rising commodity prices have also helped to boost stocks. |
The index closed up 57 points, or 1.2%, at 5004.30. It has not been this high since October last year. | The index closed up 57 points, or 1.2%, at 5004.30. It has not been this high since October last year. |
European shares also performed well, with France's Cac 40 index rising 1.3% and Germany's Dax index climbing 1.7%. | European shares also performed well, with France's Cac 40 index rising 1.3% and Germany's Dax index climbing 1.7%. |
Upbeat data | Upbeat data |
The FTSE has been rising since March, with confidence steadily building that the UK economy will soon come out of recession. | The FTSE has been rising since March, with confidence steadily building that the UK economy will soon come out of recession. |
Upbeat economic data released this week has helped to convince many investors that recovery is already underway. | Upbeat economic data released this week has helped to convince many investors that recovery is already underway. |
On Tuesday, the National Institute of Economic and Social Research said the economy grew 0.2% in the three months to August. In its eyes, therefore, the UK recession is officially over, although it did warn that "normal economic conditions" had not returned. | On Tuesday, the National Institute of Economic and Social Research said the economy grew 0.2% in the three months to August. In its eyes, therefore, the UK recession is officially over, although it did warn that "normal economic conditions" had not returned. |
On the same day, figures also showed UK manufacturing output rising at its fastest rate in 18 months in July. | On the same day, figures also showed UK manufacturing output rising at its fastest rate in 18 months in July. |
Earlier on Wednesday, a comprehensive survey of recruitment agencies also found that UK jobs market was starting to show signs of recovery. | Earlier on Wednesday, a comprehensive survey of recruitment agencies also found that UK jobs market was starting to show signs of recovery. |