FTSE Hits Intraday High
The FTSE 100 hit an intraday high of 7,609 on Thursday, surpassing the levels set in June. The index is benefiting from favourable seasonal effects, as investors prepare to go on a long weekend. The London Stock Exchange will close at lunch time on Friday, and will not re-open until Boxing Day.
Thursday saw little in the way of corporate or economic news, so there is no real reason, other than the Santa effect, for the index to make gains. December has, however, traditionally been a strong month for bulls, and this month is no exception. The FTSE has enjoyed a strong run in the lead up to the Christmas break, and there is still a few hours worth of trading left, so we could see more gains before the markets close. From a technical point of view it is reasonable to expect the markets to continue to gain - and that there is a chance for a period of consolidation, with significant upside following that.
The FTSE 100 did benefit from the fact that the Sterling is trading down by 0.19 percent against the dollar - at $1.3356. The FTSE 100 has a large number of internationally focused firms in the index, and these companies benefit from the weak exchange rate when they convert their earnings. The FTSE 250 is more UK-focused, but even that gained 0.36 percent on Thursday, and the FTSE all-share index is also up, by 0.92 percent. Meanwhile, the S&P 500 in America has got off to a strong start to the day’s trade.
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