Around the World's Markets: London

BLUE CHIPS hit a trading high but best levels were not held. After Footsie had surged 103 points to a 6,399.1 trading peak the gains were gradually whittled down and by the close the index was up 34.7 at 6,330, below its previous closing high.

Trading was heavy on hopes of lower interest rates and expectations of more corporate action. PEP buying was another influence. Zeneca, ahead of the completion of its merger with Astra of Sweden, hit a new high.

Derek Pain, page 23