No longer caught between Iraq and a hard place

investment strategies - views for 2004

Tim Gregory, chief investment officer at Hichens Investment Management

After a very tough start to last year, when uncertainty created by the prospect of war and a weak economic outlook led stock markets lower, a considerable rally far exceeding many commentators' most optimistic expectations took place. Once the Iraq War had ended, sharp falls in markets were reversed and after an initial rally, indices moved steadily ahead, finishing with a flourish at the year end. The UK market underperformed most major markets but still posted a healthy gain of nearly 14% on the FTSE 100 and over 16% on the FTSE All share Index as second line stocks outperformed their ...