Oil Price Drives FTSE 100 to Record High

The FTSE 100 hit a record high on Monday, thanks to an increase in the price of basic metals and oil. The strength in those businesses helped to offset concerns about the possibility of another global cyber attack.

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shareprices.com - Tuesday, May 16, 2017

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The FTSE 100 gained a further 18.98 points, to reach an all-time high point of 7,454.37. Meanwhile, the S&P 500 and the Nasdaq both also hit record highs.

The price of oil is up by 2.5 percent, to $52.50 a barrel, after both Russia and Saudi Arabia said that last year’s agreement to cut production should be extended to March next year. Meanwhile, the prices of metals - including gold, platinum, silver and copper, helped to push mining stocks upwards. Glencore and Anglo American were two of the top performers of the day.

Laith Khalaf, a senior analyst for Hargreaves Lansdown sa id that the UK Stock market was unfazed by the general election, and that it was continuing to perform well. UK equitites benefited from the strength of the broader Euopean economy, which was responding to the restored optimism after the outcome of the French general election. The markets opened strong this morning, touching an intraday high within the first hour of trading, thanks to strong performances by miners, oil majors, and also Vodafone. Meanwhile, discount airline easyJet was one of the weaker performers of the day, shedding 5.5 percent after announcing that it had made a loss in the first half of the year.

 

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