London stock market hits record high

LONDON’S FTSE 100 stocks index hit a record high at the open Tuesday (Apr 23), catching up with major global peers which have struck all-time peaks this year as inflation cools.

The FTSE rose 0.6 per cent to reach 8,072.88 points shortly after the open, surpassing a record 8,047.06 struck in February last year.

It had reached a record close on Monday at 8,023.87 points.

In the eurozone, the Paris CAC 40 index gained 0.4 per cent to 8,074.26 points in early trading Tuesday and Frankfurt’s DAX jumped 0.9 per cent to 18,019.31, with sentiment boosted by easing concerns over the Middle East situation.

The prospect of cuts to global interest rates owing to slowing price rises, coupled with robust company earnings, had already sent the Frankfurt, Paris, Tokyo and Wall Street markets to record highs this year.

The FTSE 100, comprising the likes of banking group HSBC, energy giant Shell and consumer goods multinational Unilever, has taken longer to reach a new summit amid UK economic concerns as the country heads into a general election this year. AFP