FTSE 100 touches a 14-year high after Ukraine cease fire rumours
THE FTSE 100 opened at a 14 year high yesterday morning, driven upwards by strong UK services data and rumours of a ceasefire between Ukraine and Russia.
The index climbed to over 6,897 yesterday morning, the highest level since 2000, before settling at 6,873.58 later in the day, having risen by 0.65 per cent on the previous day’s close. The market eased as Russia denied that a ceasefire had been agreed.
The index hit 6,930.20 at the close on 30 December 1999, but never finished a trading day at the same level in the next decade.
Market analyst at IG Chris Beauchamp said that the FTSE “has consistently been the least reactive to the Ukraine story”, in comparison to other European indices.
Germany’s DAX index also climbed yesterday, up by 1.26 per cent to end the day at 9,626.49. France’s CAC index also climbed 0.99 per cent to 4,421.87.
For equities, yesterday’s date is famous – or infamous – for other reasons. On 3 September 1929, 85 years ago, the Dow closed at a high of 381.17. The subsequent stock market crash which followed sent the index plunging.