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-record-high-london-stock-exchange-pound-slump-lse-share-index-a7509586.html
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| FTSE 100 hits new all-time closing high | |
| (35 minutes later) | |
| Britain's benchmark stock index, the FTSE 100, has continued its streak of records, hitting a new high on Wednesday. | Britain's benchmark stock index, the FTSE 100, has continued its streak of records, hitting a new high on Wednesday. |
| The index closed 2016 with three consecutive record high closes — on December 28, 29, and 30 — and extended that run on Wednesday, gaining 0.17 per cent to close at 7,7189.74, edging past the previous record close of 7,177.89 which was set on Tuesday. | The index closed 2016 with three consecutive record high closes — on December 28, 29, and 30 — and extended that run on Wednesday, gaining 0.17 per cent to close at 7,7189.74, edging past the previous record close of 7,177.89 which was set on Tuesday. |
| The FTSE 100 rise comes despite a slump in retail stocks. High street retailer Next cut its profit forecast for the financial year after a difficult trading period caused shares to dive by 14 per cent. | |
| The news hit the retail sector with rivals Marks and Spencer plunging 6 per cent and Primark owner AB Foods dropping by 3.7 per cent. | The news hit the retail sector with rivals Marks and Spencer plunging 6 per cent and Primark owner AB Foods dropping by 3.7 per cent. |
| However, UK housebuilders, including Barratt Developments and Taylor Wimpey, rallied to the top of the blue-chip index after Deutsche Bank told investors the sector’s “appealing value” is “too significant to ignore”. | |
| UK shares are also continuing to benefit from the slump in the value of pound against the dollar since the country voted to leave the EU in June. | UK shares are also continuing to benefit from the slump in the value of pound against the dollar since the country voted to leave the EU in June. |
| Sterling’s post referendum slump has boosted the FTSE 100 as many companies make a significant proportion of their profits abroad. | Sterling’s post referendum slump has boosted the FTSE 100 as many companies make a significant proportion of their profits abroad. |
| In currency markets, on Wednesday sterling rose 0.5 per against the US dollar but fell nearly 0.2 per cent against the euro. | |
| However, the pound is down about 11 per cent against the euro since the EU referendum in June, and is about 18 per cent weaker against the US dollar. | However, the pound is down about 11 per cent against the euro since the EU referendum in June, and is about 18 per cent weaker against the US dollar. |
| While the FTSE has reached a new record in sterling terms, when measured in dollars it is still around 4 per cent down over the last twelve months. | While the FTSE has reached a new record in sterling terms, when measured in dollars it is still around 4 per cent down over the last twelve months. |
| Across Europe, the French Cac 40 and German Dax both closed flat. | Across Europe, the French Cac 40 and German Dax both closed flat. |
| Additional reporting by PA | Additional reporting by PA |