Belfast Telegraph

FTSE closes at record high as signs point to Tory victory

By Staff Reporter

The FTSE 100 Index has closed above 7,500 for the first time after higher-than-forecast inflation data and confidence over Britain's prospects under a Tory government drove stocks higher.

London's blue chip index reached a mid-session record of 7,533.70 points in afternoon trading, before settling at an all-time closing high of 7,522.03 - up 67.66 points or 0.9% for the day.

It was a second consecutive record close for the FTSE 100, which reached 7,454.37 a day earlier.

Markets were reacting positively to signs that Theresa May's Conservative Party will secure a majority in the General Election on June 8.

And investors started to abandon bonds for stocks after data showed inflation reached 2.7% in April.

Jasper Lawler, a senior market analyst at London Capital Group, said: "The UK stock market reached a new milestone today when the FTSE 100 hit 7,500 for the first time.

"Investors seem to be feeling confident about the outlook for Britain under what is expected to be the biggest Conservative Party majority since Margaret Thatcher."

Belfast Telegraph

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