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FTSE 100 breaks 5000 barrier

The FTSE 100 broke through the psychologically-important 5000 level today, before closing at 4990.

The spike in the index has been greeted as positive news by advisers and fund managers but they warn there is a long way to go before investor confidence will fully return.

F&C Asset Management head of strategy Paul Niven says: “This will no doubt receive much attention as headline levels of resistance and perceived key psychologically important levels are breached.”

Simpsons of Brighton principal Neil Thomas says: “Are people excited – really seeing this as good news? I think that 5000 is a nice juicy round number, and psychologically it has a good effect, more for advisers than for clients. We are still a long way off nearly hitting 7000 in late 1999, and clients are still nursing their losses from that.”


DTI chief in for Francis at ABI

Department of Trade and Industry director general,fair markets group Stephen Haddrill is taking over from Mary Francis as director general of the Association of British Insurers.

Stewart ritchie on pensions

It is often said that the new pensions tax regime is not the simplification it is claimed to be but, in my view, most of the complexity is voluntary. People who embrace the complexity do so because it is in their interests. A prime example of this is enhanced protection for defined benefits (EP for DB).


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