Sunday 11 December 2016

FTSE 100 closes just short of all-time closing high as pound tumbled on Brexit jitters

Kalyeena Makortoff

Published 11/10/2016 | 16:55

A British one pound coin sandwiched between two US one dollar bills, as the FTSE 100 has hit a record high as the pound tumbled further on Brexit jitter Credit: Yui Mok/PA Wire
A British one pound coin sandwiched between two US one dollar bills, as the FTSE 100 has hit a record high as the pound tumbled further on Brexit jitter Credit: Yui Mok/PA Wire

The FTSE 100 closed short of its record close on Tuesday after hitting new mid-session highs, as the pound tumbled on Brexit jitters.

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The index closed down 0.38pc at 7070.88 points, just shy of its all-time closing high of 7103.98.

It comes after the top tier set a new mid-session record of 7129.83 points earlier on in the day - marking its highest level since reaching 7122.7 in April 2015.

The post-referendum slump in sterling has been a boon for multinational companies listed on the FTSE 100, as many tend to benefit from earnings in currencies that are stronger than the pound.

Sterling dropped more than 1.2pc to trade around 1.220 against the US dollar. The pound fell over 0.5pc to around 1.103 against the euro.

Press Association

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