London's flagship stock index was up again today, as one analyst suggests that this rally is here to stay.
Recent rises in share prices mean that the FTSE 100 has now recovered all the ground lost this year.
The index has risen above 4438 points - the level it was at on New Year's Day - on each of the last three days. As of midday today, it was trading at above 4460.
Over 2009, share prices have suffered markedly. Data showing a near-unprecedented downturn in economic output in the world's largest economies combined with reports that the banking system remained in serious trouble, pushing the FTSE down to 3512 in early March.
These losses followed a dire 2008 for share prices, with London's flagship stock index declining by over 30 percent across the year.
However, recent reports have suggested "green shoots" of recovery from the worldwide crisis. In the UK, mortgage approvals have registered an increase according to industry groups, suggesting an upturn in the property market - while no further banks have required bailouts from the government.
Talking to the Daily Telegraph, Mike Lenhoff at Brewin Dolphin said: "[The rally] has a distinctly different feel from other rebounds. There are stronger reasons for this rebound to be real … These include improvement across all financial markets - with yields narrowing on bonds - as well as a reduction in the number of companies revising their earnings downward."
