The FTSE 100 experienced a significant surge, reaching a record high driven primarily by strong performance in the pharmaceutical sector. Positive news regarding drug pricing and encouraging signs from retail and housing sectors contributed to the overall positive market sentiment. Developments in the US, including anticipation of Fed rate cuts, also played a role.
- The FTSE 100 jumped 1.1% to a record 9452.
- AstraZeneca surged 11%, its strongest gain since 2014.
- GSK climbed 6.1% and Hikma rose 6%.
- Pfizer struck a deal with the Trump administration to cut drug prices.
- JD Sports gained over 5% after a positive Nike sales report.
- UK house prices remained steady, with signs of gradual strengthening.
- Expectations for more Fed rate cuts in the US grew.
This positive movement suggests a strong day for the asset, influenced by both sector-specific gains and broader economic factors. The pharmaceutical sector appears to be a key driver of the upward trend, and positive developments in retail and housing further bolster the overall market confidence. Anticipation of monetary policy easing in a major economy is likely also contributing to investor optimism.