Bitcoin tops $44,000 but oil hits five-month low

BITCOIN soared above $44,000 for the first time since April last year.

On a good day for investors with an appetite for riskier assets, the world’s largest cryptocurrency continued its recovery having crashed from a peak close to $ 70,000 in late 2021 to below $16,000 last year.

Bitcoin rose as high as $44,497 yesterday, taking gains for the year to almost 170pc.

The rally – as investors bet on interest rate cuts – sparked speculation among some more excitable analysts that bitcoin could hit $100,000 by the end of next year.

But while crypto was soaring, the oil price touched its lowest level since late June amid concerns a slowdown in the global economy will hit demand.

Brent crude fell almost 4pc to as low as $74.11 a barrel having been close to $97 just over two months ago. Back on the stock market, the FTSE 100 rose 0.3pc, or 25.54 points, to 7515.38 and the FTSE 250 gained 1pc, or 179.2 points, to 18,66.73.

A rebound in metal prices helped Anglo American lead a rally among mining stocks. Shares rose 2pc, or 44p, to 2199p while Antofagasta added 1.2pc, or 17p, to 1434.5p and Rio Tinto grew 1.3pc, or 72p, to 5492p.

Weir was among the top bluechip risers (up 1.6pc, or 29.5p, to 1894p) after the engineering technology firm upgraded its margin and cost-saving targets for 2026.

And Paragon Banking rose high on the mid-cap leaderboard.

It came as the UK mortgage and loan provider’s profits rose by a quarter to £278m in the year to the end of September.

The group’s net interest margin – the difference between what it charges borrowers and pays to savers – was higher than expected due to the impact of interest rate hikes. With business in a strong position, Paragon raised its dividend and launched a £50m share buyback. Shares gained 8.4pc, or 41p, to 532p.

Ocado’s rollercoaster year showed little signs of slowing.

Its latest gains came as JP Morgan upgraded its rating and pointed out that the number of customers regularly shopping at the online supermarket is growing. The investment bank added that Ocado’s retail division is trading well despite the squeeze on household spending. Shares rose 2.4pc, or 14.2p, to 612.2p.

Diageo sank into the red after UBS cut its target price by 1000p and downgraded its rating to ‘sell’ from ‘neutral’. It comes just weeks after the company behind Baileys, Johnnie Walker and Guinness warned that weak sales of Scotch whisky in Latin America and the Caribbean will hit profits. Shares fell 1.4pc, or 38p, to 2774.5p.

Landscaping group Marshalls has chosen its next chief executive. Matt Pullen, the chief operating officer at Genuit (down 0.1pc, or 0.5p, to 346p), the plastic piping systems firm, will start in March as outgoing boss Martyn Coffey leaves after a decade in charge. Shares inched down 0.3pc, or 0.8p, to 247.4p.

There was little to cheer for Future after JP Morgan cut the magazine publisher’s target price to 1685p from 1900p.

The company behind Marie Claire, Country Life and FourFourTwo will be hoping its annual results tomorrow get a positive response from the City. Shares, which have fallen nearly 40pc this year, slid 5.4pc, or 43p, to 752p.

Contracts won by Redde Northgate helped the vehicle rental firm’s revenue rise 30.9pc to £911.3m in the first-half to the end of October. The group, which also provides other services such as repair and maintenance, expects its profits for the year to the end of April to be ‘modestly ahead’ of market forecasts as demand increases and vehicle supply normalises. Shares rose 5.6pc, or 20p, to 379.5p.