The FTSE 100 has reached a 12-month high this morning following the Bank of England's historic move yesterday to cut rates to 0.25%, while also expanding its QE programme with a £60bn government bond and £10bn corporate bond buying package.
The large-cap index is trading at 6,754 this morning and is now up 8.3% since the start of the year, despite volatility around the time of the EU referendum. Shares rose 1.6% in the aftermath of the Bank of England's decision yesterday, which was the first move in interest rates for seven years. Governor Mark Carney also announced a three-part £170bn stimulus package, which includes £60bn in more government debt buying, £10bn in corporate bond purchases and up to £100bn towards the new Term Funding Scheme for banks. Pharmaceutical firm Hikma was the biggest rise on the FTSE 100 thi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
