FTSE 100s record breaking streak shows no sign of stopping

22nd May 2017

FTSE 100s record breaking streak shows no sign of stopping

The FTSE 100’s recent record-breaking run showed no sign of ending as the UK’s main share index set new intra-day and closing highs.

The index climbed above the 7,500 level for the first time, closing at 7,522.03 points after nine days of gains.

Sterling dipped after the latest UK inflation report, before rallying back to the $1.29 level. The inflation rate jumped to 2.7% last month from 2.3% in March.

In general, a weaker pound lifts the FTSE 100 as many companies on the index have significant revenues from overseas. A weak pound means these revenues are worth more when converted back into sterling.

The pound also slipped 0.7% against the euro to 1.1663 euros.

Vodafone was the biggest riser on the FTSE 100, with the mobile giant’s shares rising nearly 4% as investors overlooked a hefty annual loss and focused on its upbeat outlook.

It expects profits to rise due to healthy revenues from contract customers.

Hargreaves Lansdown was by far the biggest faller, ending 8.5% after US exchange-traded fund provider Vanguard said it planned to sell directly to investors in Europe for the first time.

Shares in EasyJet fell 7.3% after the airline reported larger-than-expected half-year losses.

The airline recorded a loss of £212m in the six months to March, partly due to the impact of the lower pound and the timing of Easter.

Baggette + Co. organisation logo