Record highs for FTSE and Dow Jones

Market report Emma Newlands

Financial markets secured fresh records on either side of the Atlantic, with the FTSE 100 Index brushing aside plunging retail stocks to reach another all-time high.

London’s premier index continued its remarkable ascent, climbing 24.77 points to 7,695.88 and topping a previous record of 7,687.77 booked on the last day of trading in 2017.

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On the currency markets, the pound rose 0.2 per cent against the US dollar to $1.354 as traders cheered bright data from the UK economy.

UK economic growth is set to accelerate in the fourth quarter of 2017 after output in the powerhouse services sector chalked up a betterthan-expected performance last month. However, sterling failed to make headway against the euro, slipping 0.3 per cent to €1.122.

In UK stocks, department store chain Debenhams sent retail stocks crashing into the red after it warned over profits and slashed prices to boost flagging sales over the festive period.

Shares were down 5.24p to 30.34p, with the slump also hitting Marks & Spencer and Next, which dropped 11.7p to 308.8p and 52p to 4,748p respectively.

The biggest risers on the FTSE 100 Index included NMC Health, up 160p to 3,080p, G4S, up 8.6p to 273.9p, and CRH, up 65p to 2,744p.

The biggest fallers included British Land Company, down 20.8p to 665.2p, Hammerson, down 13.8p to 533.2p, and Land Securities, down 23.6p to 971.3p. The Macaufocused closedend investment company said its adjusted net asset value rose in its fourth quarter, ending 30 September. One analyst team said it “cannot see past the severe structural pressures” facing the department store chain, which warned on fullyear profits.