The FTSE 100 closed at a record high on Thursday, driven by a rally in heavyweight miners as investors brushed aside fresh tariff noise from the US.
The FTSE 100 rose 1.2% to close at 8,975.66, having earlier hit an all-time intraday high of 8,979.41. The FTSE 250 ended 0.6% higher at 21,694.70, and the AIM All-Share gained 0.4% to 773.13.
The copper-heavy mining sector was firmly in the lead after US President Donald Trump confirmed a 50% tariff on copper imports from August, sending prices for the red metal higher. Anglo American climbed 3.8%, Glencore rose 3.9% and Rio Tinto advanced 4.0%. BHP also joined the rally, though it sits outside the FTSE 100.
US economic data offered a mixed bag. Initial jobless claims dipped slightly to 227,000 last week, better than the 235,000 forecast. However, continuing claims rose to the highest level since 2021, hinting at some softening in the labour market.
Wall Street was mixed by the London close. The Dow Jones added 0.6%, the S&P 500 edged up 0.2%, and the Nasdaq slipped 0.1%.
British American Tobacco and IAG Up on Broker and Peer Boosts
British American Tobacco gained 3.0% after Citi reiterated a ‘buy’ rating and lifted its price target to 3,900p from 3,600p, citing improving earnings momentum.
IAG climbed 2.1%, taking heart from strong results at US peer Delta Air Lines, which reinstated annual profit guidance it previously withdrew amid tariff jitters.
WPP bounced 1.1%, recovering some of Wednesday’s losses, after naming Microsoft executive Cindy Rose as incoming CEO. Rose will take over from Mark Read in September, with Read staying on through year-end to support the transition.
Insurer Legal & General added 0.2% after unveiling a private credit partnership with Blackstone aimed at meeting rising demand for hybrid investment strategies across public and private markets.
Land Securities dropped 2.5%, making it the day’s biggest FTSE 100 faller, after Jefferies downgraded the property firm to ‘underperform’ from ‘hold’.
Recruiter PageGroup lost 0.8% as it reported softer second-quarter trading, citing weaker activity in Europe and ongoing uncertainty tied to tariffs.
Vistry slipped 0.8% after flagging a 34% fall in adjusted pretax profit for the first half, though it said debt was lower than expected and it has extended its credit facilities through 2028.
The CAC 40 in Paris rose 0.3%. Frankfurt’s DAX 40 dipped 0.4% despite touching a record high earlier in the session.