Connor Campbell of Spread Ex said: ‘Climbing another 0.4% the FTSE now sits at a fresh 11 week peak of 7430, continuing a very impressive comeback from the sub-6850 15 month lows struck just one month ago.
‘The index is being pulled along by Brent Crude’s newfound buoyancy; rising 0.3%, the black stuff is above $75 per barrel for the first time in nearly 4 years, propelling BP and Shell 1.8% and 1% higher respectively.
‘The FTSE is also benefiting from sterling’s continued suppression. Since having the life sucked out of it by Mark Carney last week the currency has shown little sign of recovering the momentum it displayed in the first half of the month.
‘Instead the pound dipped 0.1% against both the dollar and the euro, sending it to $1.392 and €1.141 respectively. A jump in public sector net borrowing from -£0.3 billon to £1.1 billion month-on-month is unlikely to give sterling a helping hand either.’