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UK's FTSE 100 and FTSE 250 equity indexes rise, near record highs
October 11, 2016 / 7:31 AM / a year ago

UK's FTSE 100 and FTSE 250 equity indexes rise, near record highs

LONDON, Oct 11 (Reuters) - Britain’s top blue-chip and mid-cap equity indexes rose on Tuesday, putting them within reach of record highs even as sterling came under renewed pressure on currency markets.

The blue-chip FTSE 100 index was up 0.1 percent at 7,107.76 points, near a record intraday high of 7,122.74 points set in April 2015.

The mid-cap FTSE 250 index rose 0.3 percent to 18,024.73 points, near its record intraday high of 18,607.13 points set earlier this month.

The fall in sterling has given a boost to many of the FTSE 100’s international companies which earn much of their revenues in U.S. dollars, and therefore get a currency-related accounting lift as those dollars are converted back to pounds.

The FTSE 250’s companies are more exposed to the domestic UK economy, but that index has partly benefited from recent upbeat data that has led many forecasters to drop predictions that the British economy will slip into recession this year.

Some analysts also expect the drop in the pound to make British mid-cap companies cheaper and more attractive for potential overseas acquirers. (Reporting by Sudip Kar-Gupta; Editing by Mark Trevelyan)

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