LONDON, Jan 28: Shares here soared to a record high early Wednesday, on the wings of Wall Street, where a swathe of company results lifted the market, dealers said.The FT-SE 100 index of leading shares rose to a record 5,369.7 points, which was 43.4 points higher than at the close of trade on Tuesday.
In Paris, the CAC 40 index opened 22.2 points higher at 3,074.22 points. And in Frankfurt, the DAX 30 index opened 53.94 points, or 1.26 per cent, higher at 4,332.7 0 points.
The rise in London share prices followed overnight gains on Wall Street, where annual results published by a clutch of big hitteincluding Walt Disney, Procter and Gamble and Merck, buoyed the market.
The all-time record on the British market followed the publication of British trade figures for the month of November. The official data bureau said that it was too early to see the impact of the Asian economic crisis on the British trade.
The previous record here was recorded on October 2, when the FT-SE touched 5,367.3 points,before the Asian crisis hit share prices in the West.
Institutional investors lifted the London market on Wednesday.
In addition, speculation continued to benefit certain sectors, such as pharmaceuticals and telecoms.
Drug stocks rose in the light of strong annual results published by US counterparts, including American Home Products -- a potential partner of Smithkline Beecham -- which reaped profits of $2 billion last year.Smithkline Beecham rose by 12 pence to 780 pence. Shares of Glaxo Wellcome rose by 9 pence to 1,614 pence.
Oil stocks rose in the light of positive broker comment and broadly stable crude prices. British Petroleum (BP) stock rose by 3 pence to 788 pence and Shell Oil stock rose by 4 pence to 444 pence.
Standard Chartered stock rose by 9 pence to 585 pence and P and O Shipping rose by 8 pence to 685 pence on the wings of positive broker comment.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
