Bitcoin breaks $70,000 in bout of crypto mania
Bitcoin rose above $70,000 for the first time as a fresh wave of crypto mania swept up investors.
the digital coin hit an all-time high of $70,175 as it took gains for the year so far to more than 60pc.
Gold also hit a record $2,185 an ounce amid growing hopes of interest rate cuts on both sides of the Atlantic in the coming months. And global stock markets touched new highs as nottoo-hot, not-too-cold jobs figures in the US suggested the world’s biggest economy has weathered a sustained period of higher borrowing costs and can now look forward to some relief.
there was a notable exception in all the cheer, however, as the FTSE 100 index fell 0.4pc, or 32.72 points, to 7659.74 and the FTSE 250 gained 0.1pc, or 17.8 points, to 19601.78.
the subdued performance in London will do little to allay concerns that the UK stock market has lost its lustre and is now lagging behind global rivals.
the wider rally came after US Federal Reserve chairman Jerome Powell said inflation is ‘not far’ from where it needs to be for the central bank to cut interest rates.
the Bank of England and European central Bank are expected to follow suit this summer.
in London, life insurer Just Group reported a record 2023 as its profits surged 47pc to £377m.
it expects to achieve its target of doubling profits in three years rather than five. Shares jumped 13.7pc, or 12.2p, to 101.4p.
Exhibitions business Informa cashed in on growing demand for live events in india, the Middle East and Africa. Group revenues soared 41pc to £3.2bn last year while profits increased by nearly three-quarters to £854m.
the group upgraded its forecasts for 2024 and expects to make between £3.45bn and £3.5bn of revenue and a profit of £950m to £970m. Shares rose 0.3pc, or 2.6p, to 808.2p.
Currys is on course to sell its Greek and cypriot business for £175m. the electronics retailer expects to complete the disposal of Kotsovolos to Greece’s utility firm Public Power corporation in the first half of April and use the proceeds to reduce debt. Shares shed 1.5pc, or 1p, to 64.5p.
Ladbrokes and coral owner Entain also came under further pressure. on thursday, the gambling giant reported annual losses of more than £840m for 2023 and warned it faces a £40m hit this year due to regulatory challenges.
Shares, which dropped 4.9pc in the previous session, slipped another 5.4pc, or 43p, to 747p.
Engineering firm Spirax fell after analysts at Stifel urged its clients to sell the stock, outweighing an upgrade from the investment bank Berenberg. Shares fell 0.8pc, or 80p, to 10580p.
Property firm Henry Boot marched on new ground after its development arm won planning consent for a major Manchester city centre office scheme. Shares rose 0.8pc, or 1.5p, to 182.5p.
Energy group Petrofac won a three-year contract worth more than £155m to help operate a gas field for a state-owned company in turkmenistan. Shares gained 6.5pc, or 1.5p, to 24.76p.
WEALTH manager Mattioli Woods agreed a £432m takeover – putting it on course to become the latest firm to leave the London stock market.
The Leicester-based group – which started as a pension consultant and administrator – backed an 804p-a-share offer from UK private equity firm Pollen Street Capital.
The bid is more than a third higher than the previous day’s closing price. Shares jumped 32.3pc, or 194p, to 794p.