said the FTSE 100 would continue to benefit as investors increasingly turn away from bonds and into equities.
Equity dividends are offering better returns than bonds, where returns have been hit since interest rates have been cut to record lows by central banks to boost investment and spending in the face of any weakening of the global economy.
The index also remains above both its 200-day and 50-day simple moving average levels, which many traders have used as a sign that the FTSE 100 could rise further in the months to come.
"Pension funds have to put more money into the equity markets," said Mumford.
($1 = 0.6262 British pounds)