London’s blue-chip shares racked up an eighth straight day of gains yesterday, marking the FTSE 100 index’s longest winning streak of consecutive daily rises for 16 years.
The market’s upward spring came as growing optimism over an emerging economic recovery fuelled a new exuberant mood among investors. Since its close on July 12, the potent rally of almost 9 per cent in the FTSE 100 has added more than £90 billion to the value of Britain’s leading companies.
The Bank of England yesterday reinforced the bullish mood in the equity market with a more upbeat prognosis on prospects.
The record of this month’s meeting of its Monetary Policy Committee (MPC) showed that it had concluded that recent indicators were ‘consistent with a smaller contraction in GDP in the second quarter than it anticipated two months ago”. Official GDP figures due tomorrow are tipped to show that the economy shrank by another 0.3 per cent in the past three months, a much less savage decline than the 2.4 per cent slump in the first quarter.
The MPC’s minutes also revealed that its members see increasing signs that “the momentum (of the economy) going into the second half of the year was greater than … expected in May”.
Courtesy of The Times
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