European stocks rose Wednesday, with London striking another record pinnacle on the sliding pound and rebounding commodity prices. Sterling fell as weak official trade data offset bright industrial output figures - and the currency's slide gave a fresh impetus to London share prices.
London's FTSE 100 was catapulted to 7,293.26 points, extending a record-breaking run for the benchmark index that began just ahead of the New Year. The pound took another pummelling on news that Britain's trade in goods deficit with the rest of the world worsened in November. Industrial production however rose more by more than market expectations.
"Continued sterling weakness is providing yet more support for equities and we are seeing the FTSE 100 punch fresh record highs and it is now just a whisker away from 7,300 points," noted ETX Capital analyst Neil Wilson. The weak pound - which has struck multi-year lows and languished since Britain's EU exit vote on June 23 - boosts share prices of FTSE-listed multi-nationals as they profit from favourable exchange rates.
London profited from gains to shares of heavyweight miners. In London, Anglo American won 1.7 percent and Antofagasta gained 0.9 percent in value. The British capital's top gainer was supermarket chain Sainsbury's. Shares jumped 4.0 percent after it posted rising sales over the key Christmas period.
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