London's equity market kicked off the new year in the best possible fashion. It raced ahead and the FTSE 100 recrossed the 5,200 level before slipping below it in the last few minutes of trading. But the market's big gains were not accompanied by any real weight of institutional buying interest.

Turnover during the shortened trading session, which finished at 12.30 p.m., was a meagre 130.6 million shares, lower even than the 216.6 million figure recorded on New Year's Eve when the market closed at 12.10 p.m.

The FTSE 100 managed to stay above 5,200 until just before the close, eventually ending the session a net 58.0 higher at 5,193.5. That left the measure up 143.9 or 2.8 per cent over the new year holiday-affected week. At its best yesterday, the index was up 68.3 at 5,203.5.

The second-liners and small stocks were also being chased higher, although not to the extent of the leaders.

The FTSE Mid-250 index regained the 4,800 level, closing 20.7 or 2.2 per cent up at 4,808.3, a session high and a rise of 102.0 on the week.

The FTSE SmallCap rose 6.9 to 2,320.2, also the best level of the day, up 28.87 or 1.25 per cent on the week.