The London stock market has kicked off the New Year with yet more record highs as global investors made an optimistic start to 2018.
Yesterday’s record close for the FTSE 100 just shy of the 7,700 mark at 7695.88 was followed by more all-time highs in the United States overnight.
And London traders resumed the buying of stocks today, sending the index of leading shares to yet another record close of 7,724.22.
Happy days: Global markets have taken the Santa Rally into the New Year.
That was on the back of a 28.34 point, or 0.37 per cent, rise on the day – led by utility stocks such as British Gas owner Centrica (up 2.5 per cent) and United utilities (1.8 per cent).
Next and M&S also rose around 2 per cent each after the former reported stronger than expected Christmas sales yesterday – although the verdict on M&S’s festive performance will not be revealed until next week.
The gains in London mirrored further rises on Wall Street today, which came despite some mixed employment data.
Recent gains for shares in the States have been spurred by strong jobs and manufacturing data and by the prospect of Trump’s corprate tax cuts.
The Dow Jones industrial average was last 40 points up at 25,113 – which would be a further record close if maintained.
The gains for UK shares came despite some disappoint car sales figures which showed a fall in new car registrations for the first time since 2011.
The FTSE 100 has climbed over the past year but there have been pullbacks along the way
The FTSE 100 also hit a new all-time trading high of 7,727.73 earlier in today’s session.
Chris Beauchamp, chief market analyst at IG, said: ‘Stock markets in the UK and US have all clocked up fresh record highs today, while Europe has put in a good showing with healthy gains across the continent.
‘The market shook off a jobs report that was disappointing on the headline number, with the upward revision to November’s number helping to reassure investors.
‘While earnings rose in line with forecasts, the lack of any beat on this measure meant that the dollar was only able to chalk up small gains.
‘Still, the first week of the year has proceeded in a very similar fashion to 2017, as equities continue to rally despite further outflows from funds.’