FTSE 100 makes record high and closes above 8,000 for first time

The FTSE 100 has struck another record closing price as it finished above 8,000 points for the first time.

Rises by British Gas owner Centrica and banking firm Standard Chartered helped keep London’s index of top firms in positive territory yesterday.

London’s top flight moved 0.18%, or 14.7 points, higher to finish at 8,012.53.

It represented a record close price for the index but was still adrift of its earlier intra-day high, which was knocked back by higher than expected producer price index (PPI) inflation in US.

The price of oil nudged higher after a choppy session amid uncertainty over demand in China and high US inventories.

Brent crude oil increased by 0.29% to $85.63 (£71.25) per barrel when the London markets closed.

Across the Channel, the picture was largely similar. The German Dax rose by 0.18%, and the French Cac 40 increased by 0.89% at close.

Michael Hewson, chief market analyst at CMC Markets UK, said: “It was a day of two halves for European markets with both the FTSE 100 and Cac 40 making new record highs this morning, before slipping back from those peaks during the afternoon session.

“The catalyst for the pullback was a US PPI report which punched a hole in the speed of the disinflation narrative that has driven this week’s stock market gains.”

In the US, markets opened sharply lower as comments by Cleveland Fed president Loretta Mester also pointed towards further demand rate hikes.

Meanwhile, the pound was down by around 0.15% to $1.201, and fell by 0.07% to 1.124 euros.

In company news, Centrica made gains after the London-listed energy firm saw its profits more than triple over the past year, due to rising wholesale prices.

The group said adjusted operating profits hit £3.3 billion last year compared with £948 million in 2021, sparking anger from politicians and campaigners.

Shareholders were more satisfied with the announcement, with shares rising by 5.64p to 104.2p as a result.

“It was a day of two halves for European markets