Sumary of UK’s top firms close at post-pandemic high after IMF report:
- Shares in the UK leading companies have closed at a post-pandemic high after hopes of economic recovery and calming words from the International Monetary Fund (IMF) boosted the optimism of investors..
- The FTSE 100 index rose by 86 points to 6,823 points, a level last seen in early 2020 before the Covid-19 virus arrived in Britain, while the more broadly based FTSE 250 also rose strongly..
- Market sentiment was boosted by news that the IMF had revised up its forecasts for global growth this year and by comments from a leading IMF official downplaying the risk that the stimulus provided by central banks would lead to over-exuberance and an imminent crash..
- While acknowledging that some asset prices appeared “stretched”, the man responsible for the report said he expected stock markets to continue rising, at least for now….