FTSE edges to highest point in four months

The FTSE 100 had another day of slow growth but still managed to hit its highest point since early August, standing on the back of recent increases.

London’s blue chip index closed the day up 15.47 points, or 0.21% to 7540.75, helped by a weak pound.

Global markets felt weary, said Connor Campbell, an analyst at Spreadex, as they are “caught between the electionslash-trade deal overstimulation of the last few sessions, and the awareness that the end of the year draws ever closer”.

“The day’s only real major index-winner was the FTSE, which knocked on the door of 7550 – a level last properly seen at the end of July – following a 25-point increase,” he said.

But it comes as the pound had what Mr Campbell called “a rather sharp comedown since its effervescent reaction to the UK election”.

The currency dropped 0.49% to 1.3073 against the dollar, and 0.11% against the euro to 1.1763.

In company news, education group Pearson unveiled a £530 million deal to sell its remaining stake in publisher Penguin Random House as it announced the retirement of chief executive John Fallon next year.

International oil standard Brent crude rose 0.64% to 66.26 dollars per barrel.

The biggest risers on the FTSE 100 were Hikma Pharmaceuticals, up 78.5p to 1,986.50p, Ashtead, up 59p to 2,427.00p, Imperial Brands, up 42.8p to 1,817.00p, Evraz, up 9.3p to 406.40p, and Pearson, up 11p to 655.00p. The biggest fallers were Meggitt, down 17.4p to 642.40p, Berkeley Group, down 117p to 4,965.00p, Persimmon, down 57p to 2,664.00p, Halma, down 44p to 2,120.00p, and Legal & General, down 6.1p to 308.20p.