FTSE 100 breaks historic 7000 barrier for the first time

Greek hopes, Budget approval and oil funding pushed the UK index above its ‘psychological’ barrier

The FTSE 100, an index of UK stocks with the highest market capitalisation, hit its highest ever level today, nudging above the 7000 mark. The new record comes a month after the FTSE 100 set a new record of 6997.

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Some said optimism following the UK Budget announcement on Wednesday had also helped buoy the index.

The 7000 mark is significant because the FTSE 100 has delivered little since the turn of the century and looked to many like it was stuck beneath 7000.

Market commentators took to Twitter to share the news, which may signal the start of a more prosperous period for UK stocks. European stocks pushed higher after negotiations in Greece took on a positive tone at a meeting of eurozone government heads yesterday. The Greeks still have to meet a new target for their primary budget surplus of one to 1.5 per cent. But the tone from Germany has softened, with Angela Merkel saying she would forget the mistakes of the last Greek government.

 

Meanwhile Tullow Oil stocks jumped 5.8 per cent after it announced it had secured new funding.

Some said optimism following the UK Budget announcement on Wednesday had also helped buoy the index.

Across the Atlantic the NASDAQ is also testing new highs.

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