The FTSE 100 climbed to a new record high, overcoming initial dips as improved sentiment and a respite in the metals selloff bolstered the market. Defensive stocks led the charge, supported by positive UK economic data, signaling resilience and growth across various sectors.
- The FTSE 100 increased by 0.7%, reaching a new record above 10,300.
- Defensive stocks, such as AstraZeneca, Unilever, and British American Tobacco, performed well.
- Metals prices decreased but recovered from steeper losses, allowing miners to stabilize.
- Rio Tinto, Glencore, and Anglo American traded relatively flat to slightly higher.
- Endeavour, Fresnillo, and Antofagasta experienced losses.
- UK data revealed house prices rising, business confidence at an eight-month high, and continued manufacturing expansion.
The index demonstrated strength by rebounding from earlier losses and achieving a record high. Strong performance from defensive stocks provided a solid base, while stabilization in the mining sector prevented further downward pressure. Favorable economic data from the UK further boosted confidence and contributed to the positive momentum observed in the market. This suggests a potentially positive outlook for the asset, reinforced by both sector-specific recoveries and encouraging broader economic indicators.