- By Chris Newlands
- Business reporter
Image source, Getty Images
The FTSE 100 stock index of the UK’s biggest publicly-listed companies has reached a new record closing price.
The fresh all-time high was driven by a weaker pound and easing tensions in the Middle East.
The index closed on Monday at 8,023.87 points to mark the new record, surpassing its previous high of 8,012.53 in February last year.
It was up 1.62% at its close, with retailers M&S, Tesco, Sainsbury’s and Ocado among the big risers of the day.
Shares have benefitted from a weaker pound because the index on the London Stock Exchange has many firms with big footprints overseas.
A weak pound makes goods they export cheaper for foreign buyers and helps inflate the value of business done elsewhere.
Rachel Winter, wealth manager at Killik & Co, said: “The FTSE contains a large number of big international companies that earn their revenue in dollars and report their profits in sterling.
“The strength of the dollar is due to sticky inflation in the US, which means that US interest rates will remain higher for longer.”
