Energy stocks help to push the market to record close
BLUE chip energy giants helped push the London market to a record close on Monday after the price of oil hit a two-year peak
The FTSE 100 Index mustered a measly 1.93 point rise, but still rewrote the record books by closing at an all-time high of 7,562.28.
It ensured the premier index trumped previous records of 7,560.35 set on Friday and 7,556.24 recorded on October 12.
Oil majors were among the blue chip stocks giving the market a leg-up, as they tracked the price of Brent crude, which rose 2.4 per cent to 63.58 a barrel.
Shares in P and Royal Dutch Shell B were up 4.3p to 521.1p and 181,2p to 2,490p respec-tively, as traders reacted to Saudi Arabia's drive to stamp out cor-ruption.
The move will hand more power to Crown Prince Moham-med bin Salman, who wants 01)11C to support prices by freez-ing production beyond the March 2018 deadline.
Connor Campbell, financial analyst at Spreadex, said: "Argu-ably, the UK index should have done better given the showing from its commodity stocks."
Across Europe, Germany's Dax was marginally down and the Cac 40 in France eased back by 0.2 per cent.
In the US, the Dow Jones and SW 500 hit record highs, while the NASDAQ 100 also lifted to a record peak after shares in Qual-comm surged following a 130bn (£99.1bn) takeover hid from rival Broadcom.
On the currency markets, the pound was 0.6 per cent higher versus the US dollar and the euro at 1.315 and 1.133 respec-tively.
David Madden, analyst at able Markets UK. said: "GBP/USD has managed to pull back some of the losses it incurred on the back of Thursday's sell-off when the Bank of England Morn did a dovish interest rate hike.
'There has been little to go on today for sterling traders as there were not major economic announcements from the UK
The pound is still in its upward trend that it hs been in since March and if it can remain about the 1.30 region, it is likely to continue pushing higher."
Focusing on UK stocks, chal-lenger bank Aldermore rose more than 3 per cent after its board agreed a £1.1bn takeover by South Africa's Firsthand.
The offer from the financial services firm, whose business Interests range from investment and retail banking to asset man-agement, will see it fork out 313p per share.
It represents a 22 per cent premium to Aldermore's closing share price on October 12 and values the firm at £1.1bn.
Firsthand said it aims to diver-sify Aldermore's proposition in the UK, with the possible addi-tion of services such as car financing, personal loans and insurance.
The offer is subject to a share-holder vote but the board has recommended investors back the deal.
Shares in the lender closed up S'ap to 311.p.
The Supreme Court has rejected Samsung's appeal against court rulings that it impermissibly copied features of Apple's iPhone. The court left in place rulings in favour of Apple involving its patents for smart-phone features that include auto-correct and a slide that unlocks the device.
The biggest risers on the FTSE 100 were Convatec Group up 6.9p at 188.9p, Burberry Group up 49p at 1,464. and BHP Billion up 36 1/2p at 1,464p.
The biggest fallers were G4S down 6.9p at 279.6p, RSA Insurance Group down 10p at 607 1/2p and ITV down 2.3p at 157 1/2p.