Pound live: ftse 100 hits all time high as oil prices climb


Pound live: ftse 100 hits all time high as oil prices climb

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Oil majors BP and Royal Dutch Shell, which comprise over 13 per cent of the FTSE 100 both climbed yesterday as crude jumped nearly 3 per cent. The North Sea benchmark topped $52 a barrel.


Prices rebounded after Saudi Arabia and Russia said they would extend their commitment and current deal on oil production cuts.  The FTSE 100's new all-time high signals investors are


showing confidence that uncertainty surrounded Brexit can be successfully navigated. The FTSE 100 fell in April when a snap general election was called by Theresa May because of the


uncertainty in the market it sparked.  According to Connor Campbell of SpreadEx, the UK index hit a new peak and now needs to stay there. He said: “The FTSE is barrelling towards a fresh


all-time high this Monday, ignoring both the ‘WannaCry’ ransomware attack of last Friday, and a selection of weak Chinese data that saw industrial production drop from 7.6 per cent to 6.5


per cent month-on-month.” Following the shocking cyber attack on Friday, traders have been buying shares in cybersecurity companies.  Security software firm Sophos Group was the biggest


riser on the FTSE 250, up more than 7 per cent, or 24.4p, to 365.6p. Mike van Dulken, Head of Research at Accendo Markets, said: “Equity indices are mixed this morning but retain a bullish


bias and proximity to all-time highs.  "The FTSE has already posted a fresh record amid commodity strength as oil jumps on hopes of extended OPEC-led production cuts, boosting


heavyweight Energy names, and metals benefit from a weaker USD and fresh China optimism.”  The Chinese president Xi’s infrastructure plans are increasing share prices around the globe.  FTSE


100 BEGINS NEW YEAR AT RECORD HIGH The increase in oil prices could be bad news for companies and individuals, as it means that petrol prices could increase.  Germany’s stock market has


also hit its own all-time high today as the DAX index has gained almost 0.5 per cent this morning.  The pound, meanwhile, has climbed steadily against the euro. The exchange rate has grown


from €1.17817 to the pound to €1.18172 today.