FTSE 100 Ends Year on Record High

The FTSE 100 ended 2017 on a new record high this week, as the shortened last day of trading before the end of the year holiday saw the index set an intraday record of 7,697.62. The UK’s leading index climbed to 7,687.77 for a closing high, which puts it up by 3.9 percent since the beginning of December, and up by 7.6 percent over the course of the year. Meanwhile, the mid-cap FTSE 250 gained 14.65 percent over the year.

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shareprices.com - Friday, December 29, 2017

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The FTSE 100 has been hampered by slow progress relating to the Brexit negotiations. The UK agreed to the first phase of a deal earlier in the month, but details are still thin on the ground.

Weakness in the US dollar also held back the FTSE 100 and the German Dax, as both of these skew heavily to companies that take their earnings in dollars. Traders are cashing in on Trump’s tax reform plans, and the strong exchange rate for the pound means that the internationally skewed companies lose out when their earnings are converted to Sterling.

Trading volumes were thin on Friday. The poorest performer of the day was Kingfisher, who shed 1.97 percent after announcing plans to buy-back up to £20 million in shares. The best performers were gold miners, with Fresnillo and Randgold both performing well thanks to gold rising back above the $1,300 per ounce level for the first time since October. Just Eat, a recent entrant to the FTSE 100, gained 2.8 percent.

 

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