LONDON Oct 11 Britain's internationally-exposed
FTSE 100 shares index rose to a record intraday high on
Tuesday, helped by more weakness for sterling on currency
The FTSE 100 rose as much as 0.5 percent to a record
intraday high of 7,129.83 points, before settling back a touch
to stand 0.4 percent higher by 1120 GMT. Its previous record
intraday high stood at 7,122.74 points set in April 2015.
In the U.S. dollar terms, the FTSE 100 is still down 6
percent this year.
The FTSE 250 mid-cap index, whose companies are more
exposed to the domestic UK economy, rose 0.8 percent and was
also near that index's record high.
Sterling slid back below $1.23 as senior officials and
investors pointed to the potential for more falls for a market
still in shock after Friday's 10-percent flash crash, as
concerns over Brexit continue to hit the pound.
However, that fall in sterling has given a boost to many of
the FTSE 100's international companies which earn much of their
revenues in U.S. dollars, and therefore get a currency-related
accounting lift as those dollars are converted back to pounds.
The FTSE 250's companies have partly benefited from recent
upbeat data that has led many forecasters to drop predictions
that the British economy will slip into recession this year.
Some analysts also expect the drop in the pound to make
British mid-cap companies cheaper and more attractive for
potential overseas acquirers.
(Reporting by Sudip Kar-Gupta; Editing by Vikram Subhedar)