FTSE Rises as Pound Depreciates Further

The FTSE 100 index has gone above its all-time high during a day’s trading, boosted by further falls in the pound.
The UK’s benchmark index broke through its previous record intra-day level to hit 7,129.83 before losing some ground.

Analysts said shares were lifted by a weak pound, which fell on fresh worries about how the UK’s economy will be affected by Brexit.

Sterling slipped below $1.23 and €1.11 in morning trading to its lowest value since last week’s flash crash.
The fall in the pound has boosted the FTSE 100 as many of the companies in the index generate most of their revenues abroad.

A weaker pound means overseas revenues are worth more when they are converted back into sterling.

via BBC

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