RE: 50p today?13 Jan 2023 12:34
(Alliance News) - London's FTSE 100 index reached its best level since May 2018 on Friday, and even edged close to a record high, as European markets continued to climb after a report on Thursday showed slower US inflation.
There was also good news from the UK and German economies, while the early market response to US banking sector earnings was mixed.
The FTSE 100 was up 34.74 points, or 0.5%, at 7,828.78 midday Friday. The index's best-ever level is 7,903.50 points, achieved on May 22, 2018. A closing high of 7,877.45 was achieved that day.
"After the Brexit vote, UK stocks were off the menu for many international investors and valuations plummeted. This remained the case for some time until some canny players realised the opportunities to be had, leading to a wave of takeovers – decent businesses picked up on the cheap. Last year was a big turning point, whereby the UK was one of the few major markets around the world not to see a big slump. Now if the FTSE 100 breaks a new record, it's another trophy in the cabinet for the UK and a reason to shout from the hilltops that the market is not as dull as people think," AJ Bell analyst Russ Mould commented.