FTSE 100 continues rally, finishing November at five-month high point

The FTSE 100 has finished November at its highest closing price for five months, as its recent purple patch continued.

Strong commodity and energy stocks were once again the driving forces for a positive session for London traders.

The index finished the day up 61.05 points, or 0.81%, at 7,573.05.

Chris Beauchamp, chief market analyst at IG, said: “The FTSE 100 continues to outperform its peers and is up 1% for the year.

“Stronger commodity prices have played a big part in helping the index to best its rivals as indices gird themselves for the final run to year-end. The lack of a major tech sector has no doubt helped too.

“In tough times, it looks like the solid dividend yields on offer and the index’s undemanding valuation have enticed investors back to the UK market.”

Across the Channel, the other major European markets also had a strong month, with the German Dax gaining almost 8% through November.

The Dax improved 0.29% by the end of the session and the French Cac finished 1.04% higher.

On Wall Street, the main markets were steady amid caution prior to Fed chairman Jay Powell’s speech to the Brookings Institute.

Meanwhile, sterling made strides despite Bank of England chief economist Huw Pill commenting that Brexit has had an impact on the labour market and may have played a part in driving up inflation.

The pound was up 0.05% against the dollar at 1.195, and was 0.15% higher against the euro at 1.158 at the close.

In company news, handbag maker Mulberry slid after it revealed its UK retail sales plunged 10% in the group’s first half as inflation weighed on customer demand.

Mulberry also confirmed it swung to a pre-tax loss of £3.8 million for the six months to October 1 against profits of £10.2 million a year ago. The luxury brand saw shares fall by 23p to 262p.

The price of oil built further on recent gains to climb ahead of a key Opec+ meeting this weekend.

Brent crude oil increased by 2.72% to

85.29 US dollars per barrel.

“The FTSE 100 continues to outperform its peers