FTSE 100 hits fresh record above 8,000 on weak pound and renewed demand for energy stocks

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The U.K.'s FTSE 100 hit 8,000 for the first time as investors warm to its mix of low-valued blue-chips, such as energy, mining and financials.

The U.K.’s FTSE 100 equity index UK:UKX has hit 8,000 for the first time as investors warm to its mix of low-valued blue-chips, many with exposure to revitalized sectors such as energy, mining and financials.

“It’s all about opportunity, about the long haul, and sectors that might have been shunned just a few months ago are finding that investor interest has been rekindled,” said Danni Hewson, AJ Bell financial analyst. The rebound has been driven in part by some renewed optimism among global investors as they bet that falling inflation in the U.K. will soon encourage the Bank of England to ease the pace of interest rate rises.

“The recent outperformance of Europe versus the U.S. is arguably the former’s best relative run in over 20 years,” said Graham Secker, equity strategist at Morgan Stanley. That was a problem for the Footsie for many years when the zero interest rate environment encouraged investors to seek so-called ‘growth’ stocks. Now, with interest rates much higher investors are keen to buy such ‘value’.

Miners and energy groups such as Antofagasta ANTO , Anglo American AAL , Rio Tinto RIO , BP BP and Shell SHEL are benefitting from hopes of greater demand from China. AstraZeneca AZN and GlaxoSmithKline GSK are riding an emphasis on healthcare amid pandemic fretting and as societies age.

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Who cares about the CostOfLivingCrisis when the stock markets around the world are booming. Why did the uk government not increase inflation and energy bills sooner!!!! We could of all had a lot more money

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