Strong oil prices and the falling value of sterling pushed Britain’s main share index to its highest ever closing level on Thursday.
The FTSE 100 climbed 0.7% to close at 7,787.97 points, just short of its record intraday high of 7,792.56 points hit in mid-January.
The oil firms BP and Shell were among the strongest risers, along with firms that generate much of their income abroad, including Unilever and HSBC, and have benefited from the recent fall in the pound.
Sterling fell against the dollar and the euro to $1.35 and €1.144, respectively. Only a month ago the pound was eight cents higher against the dollar at $1.43.
However, some analysts warned against exuberance after the FTSE 100 tumbled in the spring to below 7,000 before rising again to its current record level.
Laith Khalaf, a senior analyst at the stockbroker Hargreaves Lansdown, said: “The death of the bull market has been greatly exaggerated, not for the first time in recent history. The FTSE did endure a shaky start to the year but after two months of steady climbing has now regained and surpassed its previous high.”
He said a stronger dollar, the rising cost of oil and the postponement of an interest-rate rise by the Bank of England last week can all claim credit for the recent strong showing from the stock market.
For more read the full of article at The Guardian
