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FTSE 100's record-breaking run continues FTSE 100's record-breaking run continues
(about 4 hours later)
The UK's stock market started the year in positive mood, setting another intra-day high in early trade. The UK's stock market started the year in positive mood, setting another intra-day high in morning trade.
After closing at a record high of 7,142.83 on the final trading day of 2016, the FTSE 100 opened higher and set an intra-day record of 7,202.44. After closing at a record level of 7,142.83 on the final trading day of 2016, the FTSE 100 opened higher and set an intra-day record of 7,205.21.
"No January blues for equity markets as traders in London have returned to their desks in optimistic mood," said Neil Wilson at ETX Capital."No January blues for equity markets as traders in London have returned to their desks in optimistic mood," said Neil Wilson at ETX Capital.
"The FTSE is still enjoying the momentum from last week's Santa rally.""The FTSE is still enjoying the momentum from last week's Santa rally."
Intercontinental Hotels Group was the biggest riser on the index, up 4.3%, after Barclays raised its rating on the company to "overweight". Changes to broker ratings were behind some of the day's biggest moves. Intercontinental Hotels Group rose 2.7% after Barclays raised its rating on the company to "overweight".
But shares in Halfords and Next were both hit by downgrades from Deutsche Bank. Halfords fell 6.9% after Deutsche cut its rating on the company to "sell" from "hold". But shares in Halfords and Next were both hit by downgrades from Deutsche Bank. Halfords fell 5.7% after Deutsche cut its rating on the company to "sell" from "hold".
Next - which is due to release a trading update on Wednesday - fell nearly 4% after Deutsche Bank downgraded its rating on the retailer to "hold" from "buy". Next - which is due to release a trading update on Wednesday - fell 3.3% after Deutsche Bank downgraded its rating on the retailer to "hold" from "buy".
On the currency markets, the pound was flat against the dollar at $1.2282, but rose 0.3% against the euro to €1.1779. A stronger than expected survey of the UK's manufacturing sector boosted the pound. The latest Markit/CIPS purchasing managers' index for manufacturing suggested activity in the sector hit a two-and-a-half-year high last month.
The pound rose 0.7% against the euro to €1.1829, although against the dollar it was up by a more modest 0.1% at $1.2285.