UK's FTSE 100 shoots past 7000 to record fresh all time high

UK’s FTSE 100 index hit fresh all-time highs on Friday, breaking above the 7000 level for the first time in its history.

London’s leading benchmark moved above the 7,000 mark in late afternoon trading in Europe as global equity markets rallied on a mix of receding Greek exit fears and dovish central banks.

Wednesday’s Federal Reserve meeting was widely dubbed as dovish as were comments by the Bank of England’s chief economist Andy Haldane on Thursday.

Haldane, also a member of the Bank’s Monetary Policy Committee said rate cuts and rate hikes are evenly balanced, alluding to the possibility that the BoE will cut rates, if necessary.

Sterling fell on Haldane’s comments on Thursday. However, in Friday’s session the currency rose against a weaker US dollar by 0.8% to change hands at $1.488. Even the UK 10-year Gilt pared earlier losses to trade up 0.12% to 121.19.

The UK’s leading benchmark is up 7% year-to-date.

At 1525 GMT, the index was comfortable above the 7000 level, trading higher by 0.7% to sit at 7012. The index was led higher by mining shares on the back of a recovery in metal prices with silver futures up 3.5% and gold futures higher by 0.8%.

In London, shares in Vedanta Resources rose 20% while Kaz Minerals rose 6.4%, Fresnillo added 4.7% and Anglo American advanced 4.5%.