off-the-wire

Britain's FTSE 100 blue-chip index hits record high

Kitco Media
By Reuters
Published:
Updated:
Reuters

LONDON, Feb 3 (Reuters) - Britain's blue-chip FTSE 100 (.FTSE) index hit a record high on Friday, partly down to a drop in the pound against the dollar, which soared after strong U.S. jobs data.

Also, the Bank of England raised rates this week to their highest since 2008 but signalled it's nearing the end of its tightening cycle, while the Federal Reserve has indicated U.S. rates may have further to increase.

The index rose to 7,906.58 at 1545 GMT, surpassing a previous record high of 7,903.50 hit on May 22 2018. A near-1% drop in the value of the pound against the dollar helped boost the exporter-heavy FTSE 100.

London's stock index has risen in recent months in line with a global rally in equities as inflation pressures abate, as well as gains in commodity focused stocks.

The index was last up 1% on the day at 7,900.58.

Reporting by Lucy Raitano; Editing by Amanda Cooper
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.