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London’s FTSE 100 index set a new record close, ending the session 14.7 points higher at 8,012.53.

It breached the 8,000 level for the first time on Wednesday in buoyant late afternoon trading and continued its surge today with an intra-day record high of 8,047.06.

It was the fourth consecutive end-of-trading record set this week. 

A weaker pound tends to benefit the FTSE 100 as around 70% of its constituents derive most of their earnings from overseas.

The index recovered from dipping below 8,000 during afternoon trade after US wholesale prices data indicated that inflation pressures continue to underlie the US economy.

Wall Street stocks closed sharply lower as market participants digested a number of data points that seemed to stoke a fear of rate hikes.

At the close, the Dow Jones Industrial Average was down 1.26%, while the S&P 500 slipped 1.38% and the Nasdaq Composite saw out the session 1.78% weaker.

7am: AssetCo hunts deals

Martin Gilbert, chairman of wealth manager AssetCo, said it continues to seek out acquisition opportunities and is targeting companies facing difficult trading conditions.

The company posted a surge in assets under management (at 30 September 2022) to £2.7 billion, from £113m in 2021.

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7am: Centrica profits surge

Centrica, which trades as British Gas and Scottish Gas, has posted a surge in profits following the soaring price of wholesale energy last year.

Operating profits of £3.3billion were recorded at the company, up from £948m in 2021, and surpassing the previous highest ever yearly profit of £2.7bn, posted in 2012.

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7am: Moneysupermarket

Revenue at the price comparison site for the year to the end of December grew 22% (8% excluding Cashback) with strong performance in Money and travel channels, and despite closed energy switching market.

Adjusted EBITDA was up 15% to £115.5m.

Oil rises

Oil prices rose early today as hopes of a robust fuel demand recovery in top oil consumer China offset losses arising from strength in the greenback and a large build in US crude inventory.

Brent crude futures rose 42 cents, or 0.5%, to $85.80 per barrel by 0352 GMT, while US West Texas Intermediate (WTI) crude futures gained 48 cents, or 0.6% to $79.07.