FTSE 100 fails to hold on to new record high

Rangers v Celtic
The FTSE 100 finally broke its intraday record after flirting with new highs all morning (Source: Getty)

The FTSE 100 hit a new record high today, before a bumper round of profit-taking sent the index of leading stocks down for the day.

The UK's bluechip index hit a high of 7,129 points in lunchtime trading, beating the previous intraday high set in April 2015 of 7,022 points. The gains came as the pound suffered another topsy-turvy day of trading, but ended by registering its fourth consecutive day of losses against both the dollar and the euro, slumping close to $1.22 against the greenback.

Equities eventually slid back as well, ending down 0.4 per cent for the day and 60 points off the new record high at 7,070 points.

Next were the big outperformers, rising 3.9 per cent per cent, while Premier Inn and Costa Coffee owner Whitbread was also high up on the leaderboard gaining 3.2 per cent.

Old Mutual was rock bottom, however, shedding 5.5 per cent, after new details on its attempt to spin-off its domestic wealth management arm were revealed.

A poll this morning by Bloomberg showed analysts think the FTSE 100 has probably ran out of steam for this year. While a weaker pound can help firms share prices, as listed in sterling, market watchers said the depreciation was fully priced in and with little good economic news on the horizon, they pencilled in a six per cent slide between now and the end of the year.

What is going on with sterling?

Related articles