Premier backs FTSE to hit all-time high in 2013

Premier's David Hambidge is expecting the FTSE to break through a record high this year, following an unprecedented start to 2013.

The manager expects the UK's blue chip index - currently trading at 6,500 points - to surpass the 1999 record high of 6,950 points at some stage, as bullish sentiment towards equities continues. However, he warned it would not rise in a straight line, and he has taken some profits from the recent rally, in anticipation of a near-term pull-back in valuations. "I think there is a good possibility the FTSE hits an all-time high this year, as there is an appetite there to drive equities higher, but I would expect a pull-back from 6,500 before that happens," he said. While he expects a ...