FTSE rises to all-time high
The FTSE 100 Index hit another record high yesterday after the UK Government revealed plans to trigger Article 50 next week.
London’s main market rose 0.07% or 4.85 points to a new all-time best of 7,429.81, boosted by another drop in the pound.
Sterling fell more than 0.4% against the US dollar to trade near 1.234, and dropped over 0.3% versus the euro to trade at 1.149.
Multinational firms in the blue chip index tend to benefit when foreign currencies are stronger than sterling.
The Footsie’s biggest risers yesterday included 3i Group up 14p to £7.35, Direct Line Insurance Group 6.5p higher at 340.9p, Admiral Group up 34p to £19.79 and Sainsbury 4.7p higher at 274.4p.
Vodafone shares dropped 0.9p to 210.5p after it said it was merging its Indian operation with Idea Cellular in a deal creating the Asian country’s biggest telecoms firm.