LONDON, Feb 8 — UK’s blue-chip index hit a record high today, following sharp gains on Wall Street a day earlier after US Federal Reserve Chair Jerome Powell’s comments renewed hopes for less aggressive monetary policy.
The exporter-heavy FTSE 100 rose 0.8 per cent to an all-time high of 7,925.02, surpassing it previous peak of 7,906.58 hit just last week. The midcap FTSE 250 index climbed 0.6 per cent.
Wall Street’s main indexes rallied on Tuesday after Powell said 2023 should be a year of “significant declines in inflation” even as he acknowledged that rates may need to move higher than expected if economic strength threatens the Fed’s progress in lowering inflation.
Among single stocks, Barratt Developments Plc gained 1.6 per cent even as Britain’s largest housebuilder cut its half-yearly dividend.
Emerging markets-focussed asset manager Ashmore Group edged up 0.4 per cent after reporting a 54 per cent drop in its half-yearly profit before tax. — Reuters
