London FTSE hits record high above 7,906 points

London FTSE hits record high above 7,906 points
Source: Pixabay

The London stock market‘s benchmark FTSE 100 index on Friday soared to a record peak above 7,906 points, lifted by the weak pound and Shell’s record annual profits.

In late afternoon deals, the FTSE 100 jumped to 7,906.58 points, beating the previous intra-day peak of 7,903.50 that was set on May 22, 2018.

Sterling sank versus the dollar following a strong US jobs report which dampened recession concerns.

“A Friday feeling of optimism has surged through markets, pushing the FTSE 100 to a record high after US jobs growth powered ahead, and investors shrugged off recession worries,” said Hargreaves Lansdown analyst Susannah Streeter.

A weaker British currency boosts share values of multinational companies listed in London who earn vast sums in dollars.

Shares in Shell meanwhile surged 3.3 percent to 2,415.50 pence, one day after the energy major posted record annual net profit of $42.3 billion on surging oil and gas prices.



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Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.

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