Fresh from Friday’s previous all-time high, the index closed at 7,859,17 setting a new intra-day trading record.

Investment expert Richard Stone believes the recent rises take the market closer to passing the 8,000 mark for the first time.

Stone, chief executive of stockbroker, The Share Centre, said: “When I set out my predictions for 2018 I indicated we would likely see the return of volatility but that the market would also likely pass 8,000 at some point this year. These new highs take the market ever closer to that landmark level.”

Continued global economic growth, delays to interest rate rises and climbing oil prices have all contributed to the FTSE 100’s recent rally.

But Stone said merger and acquisition activity could play a key role in driving performance – for example, proposed deals between SSE and Npower, Sainsbury’s and Asda, and Paddy Power Betfair and US firm Fan Duel.

Stone said: “For personal investors, especially those invested in any of the companies which have seen particularly significant share price rises, or for those invested in low cost passive funds, the recent market highs are welcome.

“As I predicted at the start of the year markets have been more volatile and political events and in due course interest rate rises may yet stall or derail the market from time to time. However, as long as the fundamentals relating to good company performance, driven by positive global growth and accompanied by accommodative monetary policy and strong levels of merger and acquisition activity remain, then pull backs in the market can provide buying opportunities.

“Looking forward, following such a significant rise over the last couple of months, the market might be expected to take a pause, investors might welcome the opportunity to take some profits, and at least trade sideways and consolidate those gains for a period.

“I still hold to my original predications for 2018 that the market will be more volatile than it was last year and that during 2018 the FTSE 100 will break through 8,000 for the first time.”