FTSE 100 Hits New Record High

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(RTTNews.com) - U.K. stocks rose sharply on Monday to approach a record high as investors cheered the outcome of trade negotiations between the United States and China.

After two days of high-level talks, the two sides have agreed to put the trade war on hold and set up a framework for addressing trade imbalances in the future.

The trade optimism as well as newspaper reports that the Conservative Party was preparing for another election this year pulled the pound lower against the dollar and boosted exporters.

The benchmark FTSE 100 was up 66 points or 0.85 percent at 7,845 in late opening deals, setting it on track for a new record closing high.

Power company Drax rallied 2.5 percent. The company said its bioenergy carbon capture storage (Beccs) project of its type in Europe would eventually make it carbon negative.

Glencore edged lower following reports that it is facing a bribery probe over its Congolese operations.

Airline Ryanair Holdings jumped 3.7 percent after posting a record annual profit.

AstraZeneca advanced 2.3 percent. The company has submitted a supplemental new drug application to Japan's Pharmaceuticals and Medical Devices Agency for use as an oral adjunct treatment to insulin in adults with type-1 diabetes.

International Consolidated Airlines Group gained 1.2 percent on the buzz that the British Airways-parent plans to offer €1.52 billion for Norwegian Air Shuttle.

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This article appears in: Stocks , Politics
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