FTSE 100 hits new record high helped by five-month low for pound

The FTSE 100 has ended a long wait to achieve a new record high. The index, which comprises the 100 most valuable companies on the London Stock Exchange, closed Monday's session on 8,023 points following a jump of 128 points or 1.6%. That was the highest closing sum since February last year when the 8,000 barrier was breached for the first time in its history. The previous record stood at 8,012.

The FTSE has largely lagged growth among its rivals since Brexit and was tamed by a succession of economic shocks but has been reclaiming some ground this year due to perceived low valuations versus competing stocks overseas. Its lack of technology companies - which have tended to perform best globally since the pandemic - has been another factor behind the FTSE's malaise. Trading hubs also point to a competitive disadvantage through a 0.5% transaction tax on share purchases in UK firms.

Source: News Formal (newsformal.com)

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