UK Stock Market Hits Record High
The FTSE 100, which tracks the UK’s biggest publicly-listed companies, reached a new all-time high, driven by a weaker pound and easing tensions in the Middle East.
The index closed at 8,023.87 points, surpassing its previous peak from last year.
A weaker pound benefits companies with significant overseas operations, as it makes their exports cheaper and boosts profits earned abroad.
This, combined with hopes of interest rate cuts by the Bank of England, contributed to the index’s rise.
Retailers like M&S, Tesco, Sainsbury’s, and Ocado were among the top gainers of the day.
Analysts suggest that favorable conditions may continue, with potential opportunities in companies like Marks & Spencer, Next, and Sainsbury’s.
Credit: Adapted from BBC.
https://www.bbc.com/news/business-68877506