It has been a great start for UK stocks this 2017.
FTSE 100 scratched early trading losses and finished higher on Friday session to keep its winning streak alive on Friday, extending to nine consecutive days, despite the released of the closely watched non-farm payroll reports by the US government.
The US job data showed a dismal record of 156 000 job creation in December but the increase in wages proved that the recent figures showed that there was an improvement in the labor market and that inflation could possibly return in the market.
With this report, UK stocks kept its momentum on the last trading day of the week as the date boosted enough strength to the US dollar, which in turn pushing the British pound tumbling at 1.2312, down from 1.2419 on Thursday session, and boosting the country’s exports.
This drove the FTSE 100 futures in the positive territory and closed up 0.2% at 7210.05, marking the index’s ninth-straight win and its seven straight consecutive record finishes, the longest streak ever seen in two decades.
Banking sectors provided major boosts to the index as Lloyds Banking Group advanced 1.9% while the HSBC Holdings and Barclays surged 0.5% and 0.6% respectively.
London’s primary benchmark has logged to its new highs in 2017 and extended its end-of-year rally in the first week of the new calendar year. In December 31, it closed to a record high of 7 142.83. But in January 3, the index added 35.06 points, or 0.49% to close at a new record high of 7 177.89.