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April 23 Reuters The UK39;s bluechip share index cruised to record highs on Tuesday, helped by a weaker pound and positive corporate updates, while investors focussed on earnings from U.S. tech giants this week.

The bluechip FTSE 100 gained 0.5 to 8,059.39 points, surpassing its previous peak of 8,047.06 points hit in February 2023.

Surging commodity prices, a falling pound as well as gains in defence stocks have powered the FTSE 100 higher this year as investors took advantage of cheaper valuations in British equities compared to other global markets.

It39;s predominantly down to the weakness of the pound against the dollar in the past week, Russ Mould, investment director at AJ Bell said.

It39;s obviously taken a long time to get to its alltime high compared to other markets. The FTSE 100 has underperformed for a very long time and when markets underperform it can mean undervalued.

The pound steadied after touching its lowest in over fivemonths on Monday as traders priced in early interest rate cuts from the Bank of England. When the value of the pound decreases, it often benefits stocks in the FTSE 100 index as most of their earnings come from overseas.

Investors will closely watch earnings from U.S. tech firms as well as inflation data to gauge if there is room for further market gains.

Associated British Foods…