Top flight closes at record high

The FTSE 100 closed at a record high due in part to the drop in sterling sparked by concerns over a deadlock in Brexit talks.

London’s blue-chip index rose 0.3% or 22.43 points to end the day at an all-time closing high of 7,556.24.

David Madden, a market analyst at CMC Markets UK, said the FTSE 100’s rise was primarily due to the pound’s declines, as multinational stocks on the index tend to benefit when foreign currencies are stronger than the pound.

“The bullish move was achieved for the wrong reasons, as the dip in the pound on the back of the stalled Brexit talks helped the British index,” he said.

Sterling was trading down nearly 0.4% at 1.316 against the dollar by the time the UK stock market closed, and 0.2% versus the euro at 1.112.

The FTSE 100 outperformed its European peers, with the French Cac 40 ending the day down 0.03% and the German Dax closing higher by 0.09%.

In oil markets, Brent crude prices were down 0.2% at $56.53 per barrel after figures released by the Energy Information Administration showed an unexpected increase in US gasoline stocks.

London’s blue-chip index rose 22.43 points.