The UK FTSE 100 Index closed at a record high for the first time in more than a year. The index has been boosted in recent months by broader optimism about energy-related stocks and the easing of geopolitical concerns.
The FTSE 100 Index closed up 1.6% to 8023.87 points, breaking through the closing peak of 8014.31 points set in February 2023. It is still below the intraday high of 8047.06.
According to data compiled by the agency, the FTSE 100 index has risen about 4% so far this year, with Shell and BP Plc alone contributing nearly half of the increase. AstraZeneca, HSBC Holdings, and engine manufacturer Rolls-Royce also contributed to the rise.
Axel Rudolph, senior market analyst at IG, said, “The depreciation of the British pound has made it cheaper for international investors to buy British stocks. Coupled with the easing of the situation in the Middle East, it has pushed the FTSE 100 index to a record high.”