UK small-cap stocks extend their record run

The FTSE SmallCap Index extended its run of record closes on Monday, as investors bid up the prices of minerals, resources and energy companies among UK-listed minnows.

The latest milestone came on a day when the value of the pound ticked below $1.29, and in spite of uncertainty over the consequences of the UK vote to leave the EU that have prompted extensive action by the central bank to stimulate growth and inflation.

It highlights broader questions about the nature of the rally in UK markets since the June 23 referendum, with winners from the perceived effects of Brexit so far outweighing the losers.