The City roundup video: What's driving the FTSE's rise?

Video: Oscar Williams-Grut provides a run-down of the day's major news from the City

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The Independent Online

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The FTSE 100 is close to reaching an all-time high, beating the record set on the eve of the millennium during the dotcom boom. The index of the UK’s one hundred most valuable companies is just one hundred points shy of the record.

But what's driving the rise? With uncertainty around Greece, fears over Eurozone deflation, collapsing oil prices and an election coming up, you'd assume things would be looking shakier.

There are several reasons for the FTSE's strong performance. Greece hasn't been as hard-lined as feared over debt negotiations, easing fears over the outcome.  Oil prices are also beginning to recover slightly and oil and gas companies have committed to cutting costs, meaning they’re less at risk.

And investors have been heartened by the European Central Bank's plans to pump billions of euros into the eurozone to boost growth.