London’s FTSE 100 achieved yet another record high on Friday, May 10, as investors welcomed the dovish stance of the Bank of England, alongside better-than-expected growth in the British economy during the first quarter of this year.
By 7:15 GMT, the blue-chip FTSE 100 surged by 0.5%, reaching a fresh peak and surpassing the 8,400 mark. Simultaneously, the mid-cap FTSE 250 edged up by 0.3%.
Both indexes were poised to mark a third consecutive week of gains, supported by a weaker pound.
The British economy emerged from a recession with a stronger-than-anticipated 0.6% growth in the first quarter.
Investor sentiment remained positive following the dovish stance adopted by the Bank of England on Thursday, signaling potential interest rate cuts as early as next month.
Leading the sectors, precious metal miners saw significant gains as gold prices rose by 1%, propelling the index up by 1.8%.
Anglo-American surged by 1.4% after Rio Tinto reportedly considered an offer for the miner, as per the Australian Financial Review.
Additionally, IAG advanced by 0.8% after the British Airways owner reported first-quarter earnings that exceeded expectations.
