The FT posted this in an email this afternoon:
Duh....
The peak is because the pound is fallen. These are wholly connected variables. Because so many FTSE 100 companies earn their profits in anything but sterling if the pound falls the value of their profits (in sterling) rises and so does the share price.
Not one of their brightest moments.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
In £ terms it is up 25-26% since the end of 2015. In € terms it is almost static (up about 0.3%).
Precisely
Hold on, this is waiting to be approved by Guido Fawkes.