The blue-chip FTSE 100 gained 0.5% to 8,059.39 points, surpassing its previous peak of 8,047.06 points hit in February 2023.
Surging commodity prices, a falling pound as well as gains in defence stocks have powered the FTSE 100 higher this year as investors took advantage of cheaper valuations in British equities compared to other global markets.
“It’s predominantly down to the weakness of the pound against the dollar in the past week,” Russ Mould, investment director at AJ Bell said.
“It’s obviously taken a long time to get to its all-time high compared to other markets. The FTSE 100 has underperformed for a very long time and when markets underperform it can mean undervalued.”
The pound steadied after touching its lowest in over five-months on…
