FTSE 100 hits new five year peak

A new five-year peak has been hit by the FTSE 100 in trading today (March 8th).

The index was up by 43 points to stand at 6,482.50, which is higher than it has been since 2008.

Stock markets around the world have been rebounding in recent weeks and the FTSE 100's rise to a new five-year peak is an indication the global economy might be on a surer footing.

Speaking to Reuters, Ian Williams, strategist at Peel Hunt, said: "I have been quite sceptical (about equity gains) given how far valuations have gone and the lack of earnings support, but that seems to have been trumped by stimulus support."

The FTSE 100 is now well on track for its tenth consecutive month of gains, showing the strength of the index over the course of the last year.

It recently took its gains this year to £135 billion, which Richard Hunter, head of equities at UK stockbrokers Hargreaves Lansdown, stated is a strong beginning to 2013 for the market.

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