You are here: Home - Investing - Experienced Investor - News -

FTSE sets new record but slips back in early trading

0
Written by: Paloma Kubiak
18/05/2018
The FTSE 100 index triumphed in reaching a new high last night but it pulled back this morning off the back of weakness in utility and telecoms stocks.

After mounting speculation last week that the blue chip index would climb to an all time high, it yesterday set a new record, closing at 7,787.97.

A stronger dollar, rising oil price and pushback of an interest rate rise contributed to its performance.

But the run was short-lived as the Footsie opened at 7,776.20, falling to 7,767.60, according to the London Stock Exchange.

Russ Mould, AJ Bell investment director, said: “Having succeeded last night in setting a new record high, the FTSE 100 takes a small step back thanks to weakness in pharmaceutical, utility and telecoms stocks.

“Nonetheless, that level still means the FTSE 100 has recovered all of the losses caused by the global market sell-off in February and is now trading 1.1% up year-to-date.

“That’s slightly better than Japan whose Nikkei 225 index is up 0.7% so far this year, although not quite as a good as the S&P 500 in the US (up 1.7%) and Hong Kong’s Hang Seng index (up 3.9%) year-to-date.”

Laith Khalaf, senior analyst at Hargreaves Lansdown, added: “The death of the bull market has been greatly exaggerated, not for the first time in recent history. The Footsie did endure a shaky start to the year, but after two months of steady climbing, has now regained and surpassed its previous high.

“Investing is of course a long-term game, and the twists and turns along the way are less important than the final destination. There will come a time when the stock market will tumble again, at which point investors should take it in their stride and look beyond the immediate situation.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week