December 30, 2016
Britain’s blue chip FTSE 100 set a new record on the last day of trading of 2016 after climbing to record closing highs for two consecutive days.
The blue-chip index gained 22 points or 0.3 per cent, to finish at 7142 points on Friday, its third closing high in as many days and a new intraday high.
This means the FTSE has rallied by 14.4 per cent this year, adding about £232bn to the value of Britain’s top companies and making it one of the best-performing European market, in spite of the political turbulence caused by the Brexit vote and Donald Trump’s election victory.
However, it is important to remember that the index is priced in sterling, which means it is still down around 5 per cent in US dollar terms over the year.
The index, dominated by global firms, has been boosted by a sharp slump in the value of the pound after the referendum.
Sterling slumped further on Friday, falling 0.1 per cent to €1.16 euro. The pound was up by just 0.5 per cent against the dollar at $1.23.
This article was posted: Friday, December 30, 2016 at 10:30 am