FTSE reaches 14-year high on M&A boost

The FTSE 100 reached a 14-year high yesterday while the S&P 500 hit a new record level, lifted by M&A activity.

The UK's leading index closed at 6,865.86, up 28 points or 0.4% on the day and within striking distance of the all-time closing high of 6,930 reached on 30 December 1999, the peak of the dotcom boom. Monday's close was the second-highest ever recorded by the index and sets the stage for a new record high. Vodafone jumped 4% following its share consolidation after a $130bn deal to exit its US joint venture, although shares in HSBC dropped 5% after the bank's full-year results disappointed. The London market was lifted by a rally on Wall Street, where the S&P 500 hit a record high...