The London stock market soared to new record highs yesterday meaning that the FTSE 100 index has now rocketed by a third since February last year.
As optimistic investors snapped up blue-chip multinational stocks, the top-flight FTSE 100 index closed 119.4 points higher at 7,382.9, smashing through its previous closing high of 7,337 reached on 13 January this year.
That meant more than £30billion was added to the value of the stock market's biggest companies.
Traders were buying up big London-listed shares because of the weakening pound: sterling's slump since the Brexit vote has proved beneficial for multinational companies as most tend to benefit from earnings in currencies, such as the US dollar, which are performing better than the pound.
Since last year’s low of 5,537 (11 February 2016), the FTSE 100 index is up 1,846 points, or 33 per cent. The post-2009 bull market maybe long in the tooth & we expect it to continue this year.’
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