Britain's blue-chip FTSE 100 index hit a record high on Friday, in what could mark a potential turning point for UK assets, which have been dogged by a floundering economy.
The rise in the index on Friday was partly down to a drop in the pound against the dollar, which soared after strong"The other thing that is boosting the FTSE is the weaker pound, the FTSE is made of a lot of multinational firms and that means they get their money from abroad, which means when we see a weakening in the pound, it is going to boost the FTSE 100," said Fiona Cincotta, senior financial markets analyst at City Index.
"Is it realistic that the FTSE being at an all-time high when we consider the state of the UK economy? The answer is probably not but the FTSE is so international it's not really reflective of the UK economy. The FTSE 250 is more reflective of the UK economy," City Index's Cincotta said. The FTSE 100 closed Friday up 1.04% higher and has rallied 4.9% so far this year. The domestically-focused FTSE 250London's stock index has risen in recent months in line with a global rally in equities as inflation pressures abate, as well as gains in commodity focused stocks.. The FTSE 100 is up around 21% from roughly 1-1/2 year lows hit in October.
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