FTSE 100 storms to 11-month high

20 July 2016

A raft of positive data announced this morning has turbocharged the FTSE 100, sending it through the 6,700 level.

At the time of writing, the index of the UK’s 100 biggest companies stood at 6,716.96, which is the highest it has been since August 2015, when it touched 6,764.

One of the main factors for this jump is UK unemployment data out this morning, which shows that the number of unemployed adults currently stands at 1.65 million, down 54,000 from the previous quarter. This is a fall of 4.9%.

The employment rate of people aged 16 to 64 at 74.4% is also at its highest level since comparable records began in 1971.

Further boosting the market’s confidence in the UK is news from the Office for National Statistics (ONS), which reveals that average weekly earnings in the UK have risen by 2.3%.

The pound also rose against the dollar today, up by more than a cent at 1.3166. This even led to the Bank of England saying there is “no clear evidence” that a sharp slowdown is evident following the referendum result.

However, mining companies dragged on the FTSE 100, particularly Anglo American which fell 7.45%.

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