This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/ftse-100-closing-high-trading-day-2016-london-stock-exchange-share-index-pound-value-dollar-slump-a7501941.html
The article has changed 5 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| FTSE 100 record closing high: £232bn added to value of top companies in 2016 | |
| (about 1 hour later) | |
| Britain's blue chip FTSE 100 set a new record on the last day of trading of 2016 after climbing to record closing highs for two consecutive days. | Britain's blue chip FTSE 100 set a new record on the last day of trading of 2016 after climbing to record closing highs for two consecutive days. |
| The blue-chip index gained 22 points or 0.3 per cent, to finish at 7142 points on Friday, its third closing high in as many days and a new intraday high. | The blue-chip index gained 22 points or 0.3 per cent, to finish at 7142 points on Friday, its third closing high in as many days and a new intraday high. |
| This means the FTSE has rallied by 14.4 per cent this year, adding about £232bn to the value of Britain's top companies and making it one of the best-performing European market, in spite of the political turbulence caused by the Brexit vote and Donald Trump's election victory. | |
| However, it is important to remember that the index is priced in sterling, which means it is still down around 5 per cent in US dollar terms over the year. | |
| The index, dominated by global firms, has been boosted by a sharp slump in the value of the pound after the referendum. | The index, dominated by global firms, has been boosted by a sharp slump in the value of the pound after the referendum. |
| Sterling slumped further on Friday, falling 0.1 per cent to €1.16 euro. The pound was up by just 0.5 per cent against the dollar at $1.23. | Sterling slumped further on Friday, falling 0.1 per cent to €1.16 euro. The pound was up by just 0.5 per cent against the dollar at $1.23. |
| The pound is down about 11 per cent against the euro since the EU referendum in June, and is 18 per cent weaker against the US dollar. | The pound is down about 11 per cent against the euro since the EU referendum in June, and is 18 per cent weaker against the US dollar. |
| Analysts said that the FTSE's climb was also due to a strong rally in the mining sub-index, which has jumped 100 percent in 2016 on stronger metals prices and expectations that US President-elect Donald Trump will keep his election pledge to boost infrastructure spending in the United States. | Analysts said that the FTSE's climb was also due to a strong rally in the mining sub-index, which has jumped 100 percent in 2016 on stronger metals prices and expectations that US President-elect Donald Trump will keep his election pledge to boost infrastructure spending in the United States. |
| Shares in miner Anglo American have surged 285 per cent in 2016, followed by a 205 per cent jump in miner and trader Glencore and a 71 percent rise in global diversified miner BHP Billiton | Shares in miner Anglo American have surged 285 per cent in 2016, followed by a 205 per cent jump in miner and trader Glencore and a 71 percent rise in global diversified miner BHP Billiton |
| The FTSE 250 or the 250 biggest companies in the UK, ended 2016 up 3.7 per cent for the year. | The FTSE 250 or the 250 biggest companies in the UK, ended 2016 up 3.7 per cent for the year. |
| The index is more dependent on the UK economy than the multinational companies represented in the FTSE 100. | The index is more dependent on the UK economy than the multinational companies represented in the FTSE 100. |
| Additional reporting by agencies | Additional reporting by agencies |