'Hollow victory' as FTSE 100 hits fresh high on sterling weakness

Overseas revenues boosted

The FTSE 100 has gone above its all-time high during a single day's trading, as it continues to be boosted by further falls in sterling.

As sterling fell belowed $1.23 against the dollar to its lowest value since the flash crash last Friday, the UK's blue-chip index passed its previous intra-day high to hit 7,129 points, before returning to trade at 7,098 points by 2.20pm. The FTSE 100 has been boosted by the fall in the pound because many of the companies in the index generate a large proportion of their revenues abroad. During times of sterling weakness, overseas revenues are worth more when converted back into sterling. Laith Khalaf, senior analyst at Hargreaves Lansdown, said the high is a "hollow victory" for the ...