The FTSE 100 has reached its highest level since February 2020.
Blue chip inventory was up to 7,242.73 for early trading, driven primarily by oil stocks, banks, airlines and hospitality.
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The biggest riser in oil this morning was BP, earning 1.7% and Royal Dutch Shell increased by 1.3%.
Russ Mold, AJ Bell’s investment director, commented on the news. “Anyone who is excited about the chart should note that the FTSE 100 is looking at breakouts and is trading at a higher level than the current closing price – Date.”
“The best performance stocks in the FTSE 100 this year are gambling group etain (+84% thanks to interest on acquisitions and strong transactions), construction equipment rental business Ashtead (+70%, economic growth benefits, and possible Possible beneficiaries of sexual plans: large infrastructure spending in the US), and Glencore (+67%, riding higher from the surge in commodity prices).
“It is interesting to see the markets go ahead despite the pressure whirlwinds of supply chain disruption, energy prices rise, wages rise and the threat of rising interest rates.
“For now, strong results from banks, reduced new unemployment claims and lower than expected producer price inflation have all helped investors feel more positive,” he added. .
Analysts also pointed to the surprising nature of the economic background to the rise of the FTSE 100, but the index is primarily made up of companies earning revenue overseas.
“The FTSE 100 was able to extend the upward movement. After the closure, the last six sessions reached their highest level since January 2020. The UK index has risen nearly 3% since the beginning of October, and Despite recent supply issues, labor shortages and rising rise, said Walid Koudmani, market analyst at Financial Brokerage XTB:
