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FTSE 100 hits new high as markets reopen


The FTSE 100 has climbed to a fresh record high as UK markets reopened after the Christmas break.

London’s leading share index rose to 7632.7 during Wednesday trading, advancing from all-time highs achieved last week to extend the market’s so-called “Santa rally”.

It ended the session at 7620.7, 28 points up on its opening mark and a new closing high.
The rally was supported by an upturn in copper and other commodity prices, which helped to lift global mining giants including Fresnillo, Antofagasta and Glencore.
Demand for commodities implies optimism about the outlook for rapidly advancing world economies such as China.
Greg McKenna, chief strategist at AxiTrader, said: “The rally in copper supports expectations that 2018 is going to be a strong year for synchronised global growth.”

Other world markets were also ahead.
The FTSE 100’s latest rally leaves it nearly 500 points higher than at the end of 2016.
Its performance this year reflects global conditions affecting its internationally-focused businesses rather than the health of the UK economy.

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Sentiment has been buoyed in recent weeks by the passage of a $1.5tn tax cut plan in Washington.
The index has also been helped this year by the weakness of the pound – which means the dollar and euro earnings of its global constituents are worth more when translated back into sterling.

Source: Sky

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