Britain's FTSE 100 Index Hits Record High Despite Brexit Worries

The London Stock Exchange FTSE 100 Index has continued its recovery from a post-Brexit referendum shock, rallying by almost 1 percent to 6,552 points, a 10-month record high, on Friday.

MOSCOW (Sputnik) — Initially taking a 5-percent tumble to below 6,000 points, the index, which measures the stock performance of the largest companies listed on the London Stock Exchange, began to recover on Thursday despite negative economic forecasts and continuing uncertainty.

Friday's rally took the index to the highest level it has been at since early August 2015, which were the last days of the 2009-2015 bull market before stocks fell in the wake of the June 30 Greek default and turbulence in the Chinese stock markets.

The FTSE 250 Index, measuring the stock performance of a larger number of companies, also rallied, rising by over 0.6 percent.

The UK pound, however, continued to slump against the dollar, remaining at around $1.33 per pound, its lowest level since 1985.

On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.

In late June, S&P Global Ratings cut the United Kingdom's credit rating from AAA to AA, while Fitch downgraded the country's bonds to AA from AA+. Both agencies gave the United Kingdom a negative outlook over concerns Brexit might affect its economy, public finances and political stability.