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UK stock markets soar as sterling slumps to record low

Discussion in 'Market News' started by Lily, Oct 4, 2016.

  1. Lily

    Lily Forum Member

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    FTSE 100 and 250 gain purchase on cheaper pound as shares in companies earning profits in dollar lift indexes

    UK stock markets soared on Tuesday , helped by a slump in the pound which fell to a new 31-year low against the dollar amid growing fears that Britain could leave the single market after Brexit.

    The FTSE 100 index of Britain’s leading companies – which is dominated by companies that earn revenues in dollars – surged to 7,074.34, closing at its highest level since the record finish of 7,104 in April 2015. It came tantalisingly close to beating that landmark before a last minute spate of profit taking.

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