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HomeNewsFTSE 100 Index Closes at New All-Time High

FTSE 100 Index Closes at New All-Time High

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London, April 23, 2024 – The FTSE 100 index, which tracks the largest publicly traded companies in the UK, reached a new record closing high on Monday, April 23rd, 2024. The index closed at 8,023.87 points, surpassing its previous all-time high of 8,012.53 set in February 2023.

The rise in the index was fueled by a weaker pound and easing tensions in the Middle East. The pound fell by 0.2% to $1.234 USD, making British goods cheaper for overseas investors and boosting the profits of companies with significant overseas operations.

Factors contributing to the index’s rise include:

  • Weaker Pound: A weaker pound makes British goods cheaper for overseas investors and increases the profits of companies with significant overseas operations.
  • Easing Tensions in the Middle East: Reduced tensions in the region alleviate geopolitical risks and bolster investor confidence.
  • Anticipated Interest Rate Cuts: Growing expectations that the Bank of England will begin to cut interest rates are stimulating the stock market.
  • Positive Retail Sector News: Companies like Marks & Spencer, Next, and Sainsbury’s saw their share prices rise following positive analyst reports.

The rise in the FTSE 100 index is a positive sign for the UK economy and suggests that investors are optimistic about its future.

Sources: https://www.londonstockexchange.com/indices/ftse-100

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