London shares hit year high

London's blue-chip shares have reached their highest level this year.

Just over a week ago the FTSE 100 index managed to drag itself six points above the 4,000 level.

Since then it has been hovering around the mark.

But this time it managed to hold onto its gains when the market closed, ending up 36 points at 4,011.

Cashing in

This puts shares in London's biggest companies back more or less where they were at the start of the year.

And it means the index has now managed to climb 25% from the eight-year low it hit in March.

Among the shares in demand were technology stocks.

As usual, there is no guarantee that the rally will last.

"The most immediate fear is that having pushed above 4,000 we will run into profit-taking and relief selling by institutions," said Nigel Richardson of AXA Investment Managers.