Stock market trading by small investors has surged to levels last seen during the "dotcom" boom, with many thousands of people buying into the strong recovery in shares that on Friday sent the FTSE 100 to its highest this year.

Some of the country's biggest brokers say a "tide" of individual investors - frustrated with the low interest rates on offer in cash savings accounts and wary of buying into property - have turned to equities in the hope of riding a six-month rally that has propelled the blue-chip index to levels almost 50 per cent above its March low.

Despite fears of an autumn correction, stock markets this week marked the anniversary of Lehman Brothers' collapse by marching to fresh highs. The FTSE 100 finished with a 3.2 per cent gain for the week.

Analysis of industry data for the Financial Times shows the number of deals placed through execution-only stockbrokers rose to more than 4m in the three months to June, a number surpassed only in spring 2000.

WHEEEEE!

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman