FTSE 100 up 1.62% at 8,024 (Il Sole 24 Ore Radiocor) - London, 22 Apr - UK shares bounced back from last week's losses to record a record-high close, buoyed by easing tension in the Middle East and gains in the retail sector.

The FTSE 100 closed up 1.62% at 8,024, above its previous record close of 8,014. That leaves the index just short of its all-time intraday high of 8,047.

Sentiment was boosted by resurgent hopes for a rate cut with the market pricing in a first cut in August followed by another before year end. The repricing follows upbeat comments from Bank of England deputy governor Dave Ramsden last Friday that UK inflationary pressure could be easing.

On the data front property firm Rightmove said house prices had risen at their fastest annual pace in a year, boosting Persimmon 2.9%.

Retailers rallied, benefitting from a series of upgrades by analysts at US bank Jefferies and results from Asda. Marks & Spencer rose 4.4%, Sainsbury rose by 3.9% and Tesco gained 3.4%.

Fresnillo was among the day's biggest losers down 2.5% as gold prices fell.

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(RADIOCOR) 22-04-24 18:10:39 (0596) 5 NNNN