UK stock market hits record as manufacturers win business

Published January 03, 2017

The benchmark indexes of the global markets are reflected on a window as a man is seen through a window during the opening of the 2017 trading year at the Korea Exchange in Seoul, South Korea, Monday, Jan. 2, 2017. The Korea Composite Stock Price Index (KOSPI) opened at 2,022.23. (AP Photo/Lee Jin-man) (The Associated Press)

Britain's leading stock index has struck a record high as a closely monitored survey showed manufacturers in the country expanding at their highest tick in 30 months.

By late-morning Tuesday, the FTSE 100 index was up 0.3 percent at 7,165. Earlier in the session, it had breached the 7,200 mark for the first time ever, trading as high as 7,205.21.

One of the main reasons why the FTSE 100 has hit a series of highs over the past few months relates to the near 20 percent fall in the value of the pound since June's vote to leave the European Union.

A weaker pound can help exporters win business in international markets. That was further illustrated in a survey of manufacturers that showed new business orders up strongly in December.

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