British Stock Prices Score Best One-Day Advance Since 1987
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LONDON — Prices on the London Stock Exchange closed sharply higher across the board in active trading Thursday as a variety of influences sent them rocketing to post their biggest daily gains since November, 1987.
“It’s very impressive, to say the least,” said Tony Rebello, chief dealer for the London brokerage Credit Suisse First Boston.
The Financial Times 100-share index finished up 63.3 points, or 2.85%, at 2,284.4, its high for the day. That figure was well above the low of 2,227.7, posted when official trading began.
Volume was 645.4 million shares, the healthiest showing in months and markedly better than the 460.4 million shares that changed hands Wednesday.
Strength in stock-index futures contracts and unconfirmed rumors early in the session that Britain could join the European Monetary System’s exchange-rate mechanism as early as this weekend sent stock prices soaring.
The market “really never looked back” from the opening, Rebello said.
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