FTSE 100 hits pandemic high; FCA chair leaving early; insolvencies rise – as it happened
by Graeme Wearden from on (#5QQYF)
Rolling coverage of the latest economic and financial news
- Latest: FCA chair stepping down a year early
- Insolvencies rise as more firms choose to be liquidated
- Brent crude strikes $85...FTSE 100 highest since February 2020
- Full story: Foreign lorry drivers to be allowed to make more UK deliveries
- UK stocks have rallied despite slowdown fears
- Haulage industry: cabotage changes won't help UK drivers
The energy crisis, the easing of travel restrictions, and the prospect of rising interest rates all helped drive up the London stock market to 20-month highs today.
Neil Wilson of Markets.com explains:
Key is energy - BP and Shell among the top performers of the last month and have a big index weighting. That's BP and Shell, which are both up more than 20% in the last month as oil and natural gas prices have soared.
Next is the two big reopening stories - IAG and Rolls Royce, they are the best performers of the last month among the blue chips. Reopening of travel has been a major factor and we see more good news today with the move to lateral flow tests for international arrivals.
Continue reading...