UK Stocks at an All-Time High, Helped by Falling Pound

London, – The FTSE 100, an index of the most valuable stocks on the London Stock Exchange, closed at a new all-time high as the Pound fell amid expectations of a rate hike in the US.

The index finished up 1.6% at 7,382.90. The figure surpassed the record achieved on Jan. 13, when it closed at 7,337.81. The percentage gain was also the highest this year. With the exception of utilities, all sectors finished higher than the previous session.

Stocks like Burberry and Imperial Brands were some of the big gainers today. The stocks benefited from the slide of the Pound today, after the odds of a US rate hike in March increased 70%. Interest rate increases appreciate the price of the dollar. The resulting lower value of the Pound means that the earnings of exporting companies gets higher.

These news overcome data that showed a slowing in manufacturing in the country. The manufacturing PMI came in at 54.6, a three-month low. (QNA)

Source: Qatar News Agency