The FTSE 100 surged to a record high close, with oil companies among the strongest risers

High oil prices and the falling value of the pound pushed the main index of the UK to the highest closing level on Thursday.

The FTSE 100 rose 0.7% and closed at 7,787.97 points, slightly less than its record intra-day high of 7,792.56 points in mid-January.

Us supermarket increases the stock market value of £5.3 billion.

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Oil companies BP and Shell were among the strongest risers, as well as with firms that produce a significant portion of their income abroad, including Unilever and HSBC, have benefited from the recent fall of the pound.

Sterling fell against the dollar and the Euro to $1.35 and €1.144, respectively. Only a month ago the pound was eight cents higher against the dollar at $1.43.

However, some analysts warn against exuberance after the FTSE 100 fell less than 7000 in the spring, before once again risen to its present record level.

Laith Khalaf, senior analyst at stockbroker Hargreaves lansdown Smoking, said: “the death of the bull market have been greatly exaggerated, not for the first time in recent history. The FTSE not only last year, but after two months of stable ascent now regained and surpassed the level of its previous maximum.”

He said that the strengthening of the dollar, the rising cost of oil and to postpone raising interest rates by the Bank of England last week, can claim the credit for the recent strong impression from the stock market.

“The time will come when stock market will fall, at which point investors should take it easy and to look beyond the immediate situation.”

Investors also appeared more relaxed about the outcome of negotiating the British exit from the EU after the Prime Minister said that it has received approval of the Cabinet of Ministers of the compromise on the future trade relations of great Britain with the European Union.

Theresa may said that the UK will leave the Customs Union, but with a back-up option, while not missing any details that would allay fears of a hard border with the Irish Republic.

The transition, which seems to effectively tie the UK to EU regulations for several years after the interim period until 2020 is expected to meet with stiff opposition from within the Tory party and can be sunk to a final vote in the house of Commons.

FTSE 100 companies “Royal Dutch shell” and BP rose 2.1% and 1.4%, respectively, Brent crude oil broke through $80 per barrel barrier.

Gambling stocks initially came under pressure after the Government’s decision to cut the top rate to betting terminals to £2.

However, they rallied later in the day higher as investors expressed relief that regulatory uncertainty is over and instead focus on potential opportunities in the U.S. Supreme Court decision that allows States to set their own rules for sports betting.

FTSE 100 members paddy Power Betfair rose by 1.9%. Ladbrokes Coral parents gvc and William hill, where many of the British game to 182,000 cars, the restored rise respectively 5% and 4.2%.

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“While £2 Max bet-this is a negative for the sector, if the implementation date was pushed back until 2020, online taxes go further and influence the EBITDA less than feared, it may be a sense of relief today,” Barclays analysts said.

The highest riser on the index the TOP 100 companies experian, the world’s largest credit institutions of information, which added 5.6% after its revenue for its full fiscal year grew more than expected.

Royal Mail was one of the few on the decline, tumbling 7.2% after it warned that the decline in letter may come in higher predictive values.

Mid-cap FTSE 250 index also hit a new record high, surpassing its previous mid-January record, up 0.9 percent on the day.

Retail technology firm from the supermarket was the biggest gainer, with about 45% followed news about the US retailer Kroger.

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