Updated — 16.30 29/12/16 — While many Brits slump on sofas following the excesses of Christmas, the FTSE 100 is no slouch — after closing yesterday at a record high of 7,106.08, beating the previous end-of-day peak of 7,103.98 gained in April 2015, at the close of trade today it finished even higher, on 7,120.26.
Saint Nicholas has shown that he hasn’t clocked off yet after finishing his Xmas Eve rounds, with the Santa Rally continuing its momentum from the beginning of the month.
As the US dollar further strengthens against the pound, London’s largest listed companies are benefiting from the c.70% of revenue they earn from abroad.
Generally, the Footsie’s main beneficiaries of weak sterling are exporters in fields such as oil, mining and pharmaceuticals, so the likes of BP, Shell, Rio Tinto, BHP Billiton, GlaxoSmithKline and AstraZeneca have all risen since early December.
Sam Robson owns shares of GlaxoSmithKline. The Motley Fool UK owns shares of and has recommended GlaxoSmithKline. The Motley Fool UK has recommended AstraZeneca, BP, and Rio Tinto. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.