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FTSE 100 reaches three-week high

08 April 2005
The FTSE 100 share index rose yesterday to the highest level in three weeks, carried by good performances in oil and bank stocks.

By late morning, the FTSE had climbed by 0.4 per cent to 4,968 points, with half the move accounted for by energy and banking stocks.

The benchmark index reached a session high of 4,975.8 points earlier in the day, the best level reached within a single day by the index since March 16th.

One dealer said recent oil price falls had prompted investment in the sector. "Fundamentally people don't feel very comfortable with this market but this quarter is increasingly showing a major influx of cash," he told Reuters.

The top performers were medical devices maker Smith & Nephew, which was the subject of speculation about a possible takeover, and advertising group WPP, which climbed 1.5 per cent.

However, the FTSE has not yet regained the high levels it saw at the beginning of February, when it rose past the 5,000 mark for the first time since 2002.

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