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FTSE 100 rises to a record high as pound slips

London Stock ExchangeThe FTSE 100 rose to a record intraday high of 7,129.83 points in late morning trade before closing 26.6 points lower (0.38%) at 7,070.88.

The index broke through its previous record intra-day level of 7,122.74 reached on 27 April 2015. Its record close was 7,103.98 on the same day.

Analysts said shares have been lifted by a weak pound and by the index being biased to companies that would benefit.

Sterling slipped below $1.21 and €1.09, its lowest level since last week’s ‘flash crash’.

Traders’ belief that the government is headed for a “hard Brexit” is keeping investors away.

The FTSE 100 is still 6% down this year despite its strong performance since recovering from the slump which followeed the 23 June EU referendum.

The FTSE 250 mid-cap index, whose companies are more exposed to the domestic UK economy, rose 0.52% and was also near its record high.

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