London's FTSE 100 extends record streak as UK exits recession

LONDON’S FTSE 100 hit yet another record high on Friday (May 10) as investors cheered the dovish tone of the Bank of England, while the British economy grew better-than-expected in the first quarter this year.

By 7:15 GMT, the blue-chip FTSE 100 climbed 0.5 per cent, notching an all-new peak and breaching the 8,400 mark. The mid-cap FTSE 250 inched up 0.3 per cent.

Both indexes were set to log a third consecutive week of gains, aided by a weaker pound.

The British economy exited a recession with a better-than-expected 0.6 per cent growth in the first quarter.

Investors continued to cheer the dovish tone the BoE took on Thursday after it paved the way for the start of interest rate cuts as soon as next month.

Precious metal miners were the top gainer among sectors as gold prices rose 1 per cent. The index rose 1.8 per cent.

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IAG gained 0.8 per cent after the British Airways owner reported better-than-expected first-quarter earnings. REUTERS