Business

UK shares reach new highs as sterling slips

Trader in London Image copyright Getty Images

UK share indexes have closed at record highs as the value of sterling slipped.

The benchmark FTSE 100 index ended the day up 29.92 points or 0.4% at 7,547.63, while the FTSE 250 closed up 57.34 points or 0.29% at 20,024.92.

The 250-share index was helped by a 10.5% rise in the shares of Restaurant Group.

The company - which owns chains such as Frankie & Benny's and Garfunkel's - said like-for-like sales fell 1.8% in the 20 weeks to 21 May.

However, this was an improvement on the 5.9% drop seen in the previous quarter.

In the FTSE 100, business media group Informa was the best performer, up 5.8%.

In a trading update, the company said it had seen "continued improvement" in the first four months of the year, adding it was on track to hit full-year expectations.

Banking stocks were out of favour, however, and saw some of the biggest falls in the FTSE 100. RBS shares dropped 1.65% while Barclays was down 1.1%.

The pound lost ground on the currency markets, which analysts put down to political uncertainty. Sterling fell 1.2% against the dollar to $1.2784 and was also 0.9% lower against the euro at 1.1442 euros.