Britain’s benchmark index of leading shares closed at a record high for a ninth consecutive trading session, marking the FTSE 100’s longest run of successive all-time peaks since its inception in 1984. In an ebullient rally, the FTSE 100 climbed 37.7 points, or 0.52pc, to finish trading at 7,257.47. The index has now closed at record high every session since markets reopened after Christmas, on December 28, surpassing its eight-day record run set in May 1997 following Labour’s general election victory under Tony Blair.
As well as reaching a new intraday high, by hitting a landmark level of 7,284.81, the FTSE 100 also delivered its eleventh day of gains in a row, matching the longest winning streak the index has ever produced. In its 33-year history, it has only enjoyed the same run of good fortune on three occasions: in 1997, 2004 and 2009.
The reasons for a jubilant start to the year, however, are two-fold. The FTSE 100’s strength can largely be attributed to a further slump in sterling, which boosted its exporters, while US President-elect Donald Trump’s commitment to increase infrastructure spending has lifted the resource sector.