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London shares jump to new all-time closing high

Dec 29, 2016, 9:49 AM EST
FTSE 100
(Source: Metro Centric/flickr)

Boosted by a weakening pound, strong performance by shares of some mining companies and growing consumer confidence in the U.S., Britain’s blue-chip share index soared to a new all-time closing high on Thursday. Randgold and Fresnillo were among the top gainers, with each of them registering a growth of three percent and five percent respectively.

Traders attributed the 37 points leap in the FTSE 100 index to a strong optimism in the American economy, which in turn resulted from president-elect Donald Trump’s pledge to allocate $1tn fiscal stimulus once he assumes office, writes The Guardian.

Compared to figures in the beginning of the 2016, the FTSE 100 has now gained 13 percent despite markets shocks that emerged in the year due to the Brexit referendum result and the US election.

In the currency market, the pound rose 0.1 percent against the dollar, reports the BBC.