John Stillwell/PA
London’s FTSE 100 Index has soared to its highest level as the shares rally shows little sign of easing.
The FTSE surpassed the previous intraday record of 8,047.06 from February last year, with investors in good spirits amid continued hopes of geopolitical tensions easing and economic conditions improving.
It comes after the blue-chip share index reached a record-breaking closing level on Monday, finishing at 8,023.87, after surging by more than 1.6 per cent.
In early trading on Tuesday, retailers and financial stocks were among those making gains, helping lift the FTSE 100 to highs of about 8,075.
Only a handful of stocks had started the day with losses, including the indices’ top miners.
Experts suggested that the rally has something to do with renewed hopes of UK interest rates coming down, thanks to inflation moving closer to its 2 per cent target level.
It comes just months after the Bank of England’s (BoE) prudential arm lifted a cap that had limited bankers’ bonuses to a maximum of double their base pay.
The cap was first introduced by the EU in 2014 when the UK was a member of the bloc, but since the UK quit the EU, pressure has been mounting to scrap the cap in a bid to make the UK look more attractive post-Brexit.
Unfortunately, it doesn’t seem to be working.
It was announced today that Goldman Sachs has moved its senior banker to Paris in a post-Brexit revamp to keep him closer to the company’s continental European clients, including banks and insurers.
Related: Trump tried to ‘corrupt’ 2016 election, prosecution alleges
