London Stock Exchange Market hits new high

Intro

The London stock exchange market went on a high, supercharged by a Brexit-hit pound and energy giant BP’s surging annual profits, according to the dealers said.

Other European indices rose also by well over one percent as Wall Street built on the previous day’s gains in early New York business, ahead of US President Donald Trump’s State of the Union address.

Sterling sank on news that activity in Britain’s dominant service sector almost ground to a halt in January, as companies fretted over the nation’s looming departure from the European Union next month.

The weak pound boosted London’s FTSE 100 because the benchmark index features large multinationals earning in dollars and euros.

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“Results from BP and a weakening pound have propelled the FTSE 100 to a fresh two-month high,” said IG analyst Chris Beauchamp.

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