The FTSE 100 closed at a record high topping 7,600

There was plenty of Christmas cheer in the City today as Britain’s blue-chip index rose to an all-time high.

The FTSE 100 rose above 7,600 points for the first time, closing up 1.1 per cent at 7,603.98.

“The FTSE 100 has rallied strongly today moving above its previous record peak set back in June to post a new all-time high,” said David Cheetham, chief market analyst at XTB Limited.

Cheetham suggested “favourable seasonality effects” likely played an important role in lifting the stock index.

Mining and energy stocks including Glencore, BHP Billiton, BP and Shell made gains, while large-cap housebuilders like Persimmon, Berkeley Group, Barratt Development and Taylor Wimpey edged lower after the government revealed new rules cracking down on leasehold practices described by communities secretary Sajid Javid as “feudal”.

Cheetham added: “December has been the second best month for UK stock market bulls in the past decade and the FTSE has enjoyed a strong run higher heading into the Christmas break.

“The much discussed Santa Rally could still be to come and from a technical point of view a clean break higher after a fairly long period of consolidation paves the way for significant upside ahead.”

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