Vodafone powers FTSE to new record high

17 May, 2017, 07:31 | Author: Glen Fletcher
  • People are reflected in a display showing the current exchange rate between U.S. dollar and Japanese Yen outside a brokerage in Tokyo

London's blue chip index reached a mid-session record of 7,533.70 points in afternoon trading, before settling at an all-time closing high of 7,522.03 - up 67.66 points or 0.9% for the day.

The FTSE 100 extended its winning streak, rising for the ninth day in a row.

In economic releases, the French economy expanded at a slightly faster pace in 2016, while the country's consumer price inflation climbed an annual 1.2 percent in April, just above the 1.1 percent rise in March, separate data published by the statistical office Insee showed.

"Investors seem to be feeling confident about the outlook for Britain under what is expected to be the biggest Conservative Party majority since Margaret Thatcher".

That helped commodity-related stocks with the basic resources and oil indexes climbing 1.7 percent and 0.9 percent respectively.

The small caps index also scaled a fresh record high, up 0.2 percent with semiconductor maker Nanoco Group the top gainer, up 7 percent.

In oil markets, Brent crude prices extended major gains made a day earlier, rising 0.2% to 51.87 United States dollars (£40.17) per barrel.

"This is also having a knock-on affect on the commodity currencies, with the CAD, AUD, NZD and NOK, the top performers in the FX space this morning."Saudi Arabia and Russian Federation, the world's two top oil producers, said on Monday an output cut needed to be extended for a further nine months until March 2018 to rein in a global crude glut, driving oil prices nearly 3 percent higher".

Kuwait joined the call on Tuesday ahead of an Opec meeting on May 25.

The tour operator reported a group loss of 308.6m euros (£261m) for the six months to 31 March, compared with a 394.9m euro loss a year earlier.

Crest Nicholson fell 16.5p to 620p. The airlines said weakness in sterling against the dollar and euro shaved GBP82 million off the bottom line.

"Considering it took five months for the FTSE 100 to jump 500 points, if momentum is maintained over the summer months then we could see 8,000 in this index by October", Kathleen Brooks of CityIndex wrote in an email a little earlier. British airline EasyJet dropped 7.25 percent, and Micro Focus International, a British software and information technology business, fell 3.04 percent.

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