Sterling On A Slump Lifts U.K. Shares To Another Record
Jan, 09th 09:30
U.K. shares were set for the tenth advancing session in a row and another settlement record on Monday with gains led by miners and a weakening pound.
The benchmark FTSE 100 jumped to as high as 7,239.00 in early trade then retreated. However, the index remained near all-time record. Thanks to the decline in Sterling following comments from Prime Minister Theresa May that signaled a “hard Brexit” in an interview with Sky News on Sunday, mining stocks were the biggest gainers.
A weaker pound can help lift U.K. stocks as it tends to prop up these companies’ international revenue and profit outside of Britain when they are converted to sterling. Anglo American PLC added 1.94% while Glencore PLC gained 2.01%. Shares of Antofagasta PLC and BHP Billiton PLC rose 1.22% and 1.46%, respectively.
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