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FTSE breaks 7,000 as sterling falls to post-Brexit lows

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The FTSE 100 has broken through the 7,000 level this morning as sterling drops to post-Brexit lows.

It follows Conservative Party rhetoric at its annual conference that suggests the UK is headed for a so-called “hard” exit from the European Union.

The index was up 1 per cent in early trading to 7,055 this morning having opened at 6,983, boosted by export-driven stocks.

The pound/dollar rate was 1.2769 on Tuesday morning – a level not seen since 1985.

US dollar earner BP stock was up 1.2 per cent in the morning as oil pushed past $51 a barrel.

While the FTSE 100 has surged in local currency, it is still below its pre-Brexit vote levels in USD.

More than half of UK quoted stocks were under foreign ownership, according to the latest Office for National Statistics data.

This week sources close to Prime Minister Theresa May said she has no plans to listen to the City’s demands for an interim deal with the European Union.

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  1. This is nothing to celebrate, the last time the FTSE 100 went through 7,000 the £/$ rate was in excess of $1.50. Purely based on the depreciation of the pound, shares haven’t done anything this year in real terms.

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