The FTSE 100, made history yesterday, not only did it close at another record high at 7275 up 37.7 points +0.37%, but it was also the 9th day in a role of closing at a new high. This has never happened before in the history of the FTSE.
The reason behind it is that the British pound has been falling since the BREXIT, as a weaker pound will increase profits of multinational corporations that are listed on the index, when they convert their earnings to pounds.
It is kind of a catch 22 situation, because as the pound goes down the FTSE goes up. If you are currently investing in the UK stock market, it’s great, but not too good if international business needs to be done. A weaker pound, will give you less for your money in a foreign country.
The Mining, Banking and Health Care Equipment & Services had a good trading day.
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Daniel Joseph MBA
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Futuretrend Training Academy
Financial Training Department.