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| FTSE 100 hits all-time high in 'Santa Rally' | FTSE 100 hits all-time high in 'Santa Rally' |
| (about 1 hour later) | |
| The FTSE 100 has hit an all-time high in what traders are calling a traditional pre-Christmas “Santa Rally”. | The FTSE 100 has hit an all-time high in what traders are calling a traditional pre-Christmas “Santa Rally”. |
| The index of blue chip shares traded on the London market hit 7609.69 in Thursday afternoon trade, up 1.1 per cent on the day and passing the previous intra-day record of 7,598.99 set in June. | |
| It closed at 7,603.98, also a record. | |
| “Favourable seasonality effects [are] probably playing an important role,” said David Cheetham, chief market analyst at XTB, noting that there was no particular economic or corporate news reason why the index should be up. | “Favourable seasonality effects [are] probably playing an important role,” said David Cheetham, chief market analyst at XTB, noting that there was no particular economic or corporate news reason why the index should be up. |
| “December has been the second best month for UK stock market bulls in the past decade and the FTSE has enjoyed a strong run higher heading into the Christmas break. The much discussed Santa Rally could still be to come and from a technical point of view a clean break higher after a fairly long period of consolidation paves the way for significant upside ahead.” | “December has been the second best month for UK stock market bulls in the past decade and the FTSE has enjoyed a strong run higher heading into the Christmas break. The much discussed Santa Rally could still be to come and from a technical point of view a clean break higher after a fairly long period of consolidation paves the way for significant upside ahead.” |
| The FTSE 100 is dominated by multinationals, rather than domestically-focused British companies, and the index tends to be sensitive to movements in sterling since a large share of the earnings of its constituent firms are denominated in foreign currencies. | The FTSE 100 is dominated by multinationals, rather than domestically-focused British companies, and the index tends to be sensitive to movements in sterling since a large share of the earnings of its constituent firms are denominated in foreign currencies. |
| Sterling was trading down 0.19 per cent against the dollar at $1.3356. | Sterling was trading down 0.19 per cent against the dollar at $1.3356. |
| The FTSE 250, which contains many more UK-oriented firms, closed up 0.36 per cent and the FTSE all-share was 0.92 per cent higher. | |
| In the US, the S&P 500 was up 0.36 per cent in early trade, buoyed by Congress's approval of corporate tax cuts on Wednesday. | |
| The European Stoxx 600 ended up 0.3 per cent. |