FTSE 100 heads towards fresh high on last trading day of the year
The FTSE 100 has hit a fresh record in morning trade on the final trading day of the year, as optimism about Brexit negotiations helped drive sentiment.
The blue-chip index rose 0.19pc to reach a high of 7,636.67, more than 13 points up from the open. The index closed at 7,622.88 on Thursday.
The FTSE 100 has risen 4.6pc since the beginning of December, and is up 6.9pc over the year. It closes at 12.30 today.
Its mid-cap peer, the FTSE 250 – which is mainly comprised of UK-focused companies – rallied 0.13pc to reach a high of 20,680.38 this morning.
Progress on Brexit negotiations with the European Union have been a driver of sentiment, after the UK agreed the first phase of a deal earlier this month.
Weakness in the US dollar, as traders cash in gains on President Donald Trump’s tax reform plan, has held back the FTSE and German DAX indices, due to the strengthened sterling and euro, according to Mike van Dulken, head of research at Accendo Markets.
“However, gains for dual-listed miners down under, in spite of a negative close for the important Aussie ASX index, offers hope to buoy London year-end sentiment thanks to strength for copper and oil on a combination of global growth optimism and expectations of tighter supply,” he said.