U.K. Flagship FTSE 100 Index Hits Fresh Record High

By Elena Vardon

The U.K.'s flagship stock index opened at an all-time high on Tuesday, soaring to hit 8070 points in early morning trading.

Building on the previous session's gains, weakness in the pound and easing geopolitics boosted the performance of London's blue-chip index.

At 0712 GMT, the index was up 0.58% and had gained 4.36% year-to-date.

The FTSE 100 has been steadily climbing since the start of the year, roaring back to life as the markets react to signs of slowing inflation and interest-rate cut hopes.

The index's previous all time intra day high was reached on Feb. 16, 2023, when it touched 8047.06 points, according to FactSet data. On April 22 the index hit a new closing high of 8023.87 points.

"A combination of a depreciating British Pound - making UK stocks cheaper to buy for international investors - and de-escalation in the Middle East, propelled the FTSE 100 close to its record high," IG analyst Axel Rudolph said late Monday.

The stock market index--which tracks 100 largest companies listed on the London Stock Exchange by market capitalization--was launched in 1984 and is one of the most internationally-focused indexes as its constituents derive large chunks of their revenue from abroad.

Write to Elena Vardon at [e-mail]

(END) Dow Jones Newswires

04-23-24 0335ET