The FTSE 100 experienced a positive session, rising 0.9% and approaching record levels, driven by positive global market sentiment and progress in averting a US government shutdown. While it underperformed broader European indices due to a lack of significant tech exposure, gains were fueled by heavyweight financial and energy stocks. The beverage sector also provided substantial support following a significant leadership announcement.
- The FTSE 100 increased by 0.9%, nearing record highs above 9770.
- The UK index lagged behind European markets due to a lack of big tech representation.
- Financial and energy stocks, like HSBC and Shell, supported the index.
- Diageo shares jumped approximately 7% after appointing Dave Lewis as CEO.
- Precious metal prices rose, benefiting miners such as Fresnillo and Endeavour.
- Defensive stocks such as National Grid and BT experienced declines.
- SSE is evaluating funding strategies for its grid and renewables projects.
The overall picture suggests a market buoyed by global factors and specific company news. Gains were concentrated in certain sectors, while others faced headwinds. This indicates a somewhat selective rally, with potential opportunities and risks contingent on sector-specific performance and broader economic trends.