FTSE breaks, closes above 7,000

The UK’s leading share index made history on Friday, after it breached and closed above the psychologically significant 7,000 barrier. However, it’s not the first time the index has come close to this mark.

The last time the FTSE 100 came within touching distance of the 7,000 mark was in the heights of the dotcom boom, back in 1999. But the turn of the millennium failed to lift stocks higher, and the index swiftly crashed and then stagnated for 15 years.

Despite this, the index was carried over the significant 7,000 level by a surge in mining and oil companies.

The UK’s budget announcement for this year helped create an overall positive mood, as chancellor George Osborne revealed a round of tax breaks for the struggling North Sea oil industry.

Furthermore, the global economic environment of low inflation, near-zero interest rates and rock-bottom oil prices are all combining to push shares around the world to record highs.

Some analysts stress that caution is advised, as the recent bull run may prove to be unsustainable. However, these conditions look set to remain for most of 2015.

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