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FTSE 100 Index records all-time closing high for third day

An office worker looks at a graph showing movement in the FTSE 100 Index. Credit: PA

The FTSE 100 Index has recorded an all-time closing high for the third day in a row.

London's blue chip index soared to a closing high of 7,142.83 on Friday, up 22.57 points from Thursday.

The top-flight index had hit a mid-session record of 7129.83 on October 11, boosted in part by the collapse in the value of the pound since the Brexit vote.

It came as London emerged as the best performer out of the major European stock markets this year, finishing 2016 more than 14% higher despite Britain's voted to leave the European Union on June 23.

The pound's fall, triggered by Britain's decision to quit the EU, has proved beneficial for multinational companies listed on the index as many tend to benefit from earnings in currencies - such as the US dollar - which are stronger than sterling.

On Friday, sterling slumped further against the euro, falling 0.1% to 1.16 euro. The pound was up 0.5% against the dollar at 1.23.

Sterling remains 18% down against the greenback and 11% lower versus the euro since the Brexit vote in June.


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