London‘s FTSE 100 index on Wednesday topped 8,000 points for the first time, propelled by the sliding pound after news of slowing inflation.
The benchmark index rallied to an all-time pinnacle at 8,003.65 points, helped by the weak pound which boosts the share prices of multinationals whose earnings are in dollars.
Sterling sank 1.5 percent to $1.1990, as slowing inflation stoked hopes of less aggressive monetary policy from the Bank of England.
“The FTSE 100 has topped 8,000 for the first time ever,” Oanda analyst Craig Erlam told AFP.
“The pound being crushed, as it is today, is often a bullish factor for the index due to the vast bulk of revenue for FTSE 100 companies being generated outside of the UK.”
The FTSE later pulled back to 7,996.30, up 0.5 percent from Tuesday’s closing level.
