FTSE 100 keeps soaring on BoE boost

On Friday, British stocks pushed toward a fresh yearly peak, still enjoying a high from the BoE’s quite aggressive stimulus measure, while the US jobs report  due later might provide traders with fresh signals.      

The FTSE 100 soared 0.3%, being worth 6,761.72, a value that’s above the 2016 closing peak of 6,750.43 achieved on July 27. The index found itself on track for a weekly growth of 0.9%.

On Thursday, the benchmark leapt 1.6% after the UK’s major financial institution dropped its key interest rate to a record minimum of 0.25%. Additionally, it also expanded its quantitative easing program and stressed it’s on the verge of purchasing up to £10 billlon in corporate bonds. These moves kicked in after data unveiled slowing in the British economy after Brexit.

The BOE action is reportedly expected to ensure a positive platform for the FTSE 100 over the remainder of this year.

It might sound weird at first especially when considering that confidence in the British economy is currently weakening. 

Scroll to top