BLUE CHIPS roared to a record high. Footsie closed 94.2 points up at 6,335.7; at one time it was 118 to the good. Trading was again heavy with share turnover put at 1.3 billion. The excitement spread to supporting shares, although their indices remain below their peaks.
The pounds 1.9bn Prudential takeover bid for the M&G unit trust group and a strong oil sector on hopes that Opec will cut production were the prime reasons for the advance. A rampant New York display was another important influence.
Derek Pain, page 25