Miners help FTSE sparkle at record high

Market report Emma Newlands

The FTSE 100 nearly flatlined but managed to eke out a fresh record high in the UK’S last full trading day of 2017.

The index closed up merely 2.2 points to hit a record 7,622.88, edging above the 7,620.68 peak set in the previous session.

It marks the third such record in just a week in a move that has been chalked up to a market phenomenon known as a “Santa Rally”. It was also the last full trading day for the UK until 2 January, with equity markets set to close at lunchtime today.

Sterling exchange rates were mixed, with the pound up 0.3 per cent against the US dollar at $1.343 but down 0.15 per cent versus the euro at €1.124.

Oil prices were hovering near two-and-a-halfyear highs as investors cheered signs of stronger crude demand from China. But this did little to prop up FTSE 100 oil producers, with BP ending the day nearly flat at 518.6p, while Royal Dutch Shell’s “B” shares also stalled at 2,486.5p.

However, mining stocks were on the rise on the back of strong copper prices, which climbed to their highest level in nearly four years, again on the back of Chinese demand.

It propelled the prices of stocks including Rio Tinto, up 58.5p at 3,858p, and Anglo American, up 13.5p at 1,537.5p.

The biggest risers on the FTSE 100 included Morrison Supermarkets, up 2.6p at 219.2p, Astrazeneca, up 53p at 4,998.5p, and BHP Billiton, up 13.5p at 1,499.5p.

The biggest fallers included BT Group, down 6.9p at 267.35p, NMC Health ,down64pat 2,839p, and Halma, down 14p at 1,256p. The speciality pharmaceutical company said it completed the acquisition of Vamousse and named the head of its new US affiliate. Shares in the internet of things company fell despite it being granted funds to stop it breaching its banking covenants by 31 December.