HAVING looked forward to the year 2000 for so long it was perhaps inevitable that it would disappoint.

The word Millennium will for a long time be associated with a certain four letter word, i.e., dome, but for a while it was pushed off the front page by a three letter word, namely oil.

Three turned back to four as the rain came, which in turn was followed by transport problems. However the dome will never be too far away with a general election due next year.

For stock markets there has only been the one combined issue of telecoms and technology.

Given recent price movements these are words that many will have wished they had never heard though undoubtedly their influence is here to stay.

Technology and telecoms will of course contribute to the year 2000 being the worst in ten, registering a loss of around ten per cent.

We have also seen further consolidation in the banking sector with Royal Bank of Scotland acquiring Nat West and Barclays buying Woolwich. This theme looks set to continue with Abbey National being the prime candidate.

Focus has also been a buzzword with the market seeing a plethora of de-mergers, bringing with it a host of new names from Lattice to Syngenta and Princess Cruises to Innogy.

All this activity has combined to create unprecedented levels of volatility in the market place with companies regularly switching places in the FTSE 100 Index and perplexing even the most seasoned of investment managers.

Looking forward it is difficult to see the current trends changing quickly, though just as the rain will stop, the markets will pause and look for new themes and a new direction.

lJohn Pearson - Associate Director.

Gerrard is regulated by the Securities & Futures Authority. Share prices and the income from them can go down as well as up. Readers are advised to seek professional investment opinion before entering into dealings in securities mentioned in this article, which may be unsuitable in their personal circumstances