The benchmark UK FTSE 100 index topped 7,000 for the first time in its history today driven by miners and materials stocks.

London's main index hit the 7,000 barrier just after 3pm.

FTSE 100 - Comparison Line Chart (Rebased to first)

CRH (CRH) headed the leaderboard, up 6% to £18.55 as a €6.5 billion deal to buy assets from Holcim-Lafarge looks set to make it the world's third-largest building materials supplier.

Miners Fresnillo (FRES), Anglo American (AAL), BHP Billiton (BLT) and Glencore all gained more than 3% as oil, gold, silver and copper staged a later Friday rally.

Tullow Oil marked its final day of trading on the index with a 2.8% gain.

But investors shouldn't get too excited says Jeremey Whitley, head of pan-European equities at Aberdeen Asset Management. He argues earnings are not keeping pace with increasing stock market prices.

'It’s rather appropriate that the FTSE 100 surpasses 7,000 on the same day as the solar eclipse plunged parts of the UK into darkness,' he says.

'The stock market has been sunny for investors over the past two years rallying strongly. However, this has been driven not by an increase in  earnings but by an inexorable rise in valuations.

'Consequently we may be in for a period of dull returns until there are visible rays of sunshine in terms of both improved economic conditions and  most importantly corporate profit growth.'

Issue Date: 20 Mar 2015