The FTSE 100 pushed to fresh record territory on Wednesday, extending its run of outperformance as US and European equity markets continued to struggle for direction.
London stocks opened mostly higher, with the FTSE 100 up 0.5% in early trade and hitting a new intraday high of 10,400. The FTSE 250 slipped 0.1%, while the AIM all-share rose 0.4%.
The index was led higher by Beazley, which jumped 8.7% after agreeing to a takeover proposal from Zurich Insurance valuing the insurer at around £8.0 billion.
Zurich offered 1,310 pence per share in cash before permitted dividends, rising to a total value of 1,335 pence per share if dividends are paid in full. The offer represents a 63% premium to Beazley’s market value before the takeover process began in January.
Zurich said it intends to begin confirmatory due diligence, with a deadline of February 16 to announce whether it will make a firm offer. Beazley’s board said it is minded to recommend the deal to shareholders if a formal offer is made on those terms.
Losses elsewhere capped broader gains. London Stock Exchange Group fell 5.8%, Sage dropped 3.8%, and Relx slipped 2.8%, weighing on the index despite the takeover-driven rally.
DCC rose 5.0% after reporting strong third-quarter trading and reiterating expectations for good operating profit growth for the financial year ending March.
GSK added 1.2% after reporting higher annual revenue and a sharp rise in pretax profit. The pharmaceutical group said turnover rose 4.1% to £32.67 billion in 2025, while pretax profit more than doubled to £7.41 billion. GSK also raised its dividend, declaring a total payout of 66 pence for 2025 and guiding for 70 pence in 2026.
On the FTSE 250, Watches of Switzerland slipped 3.8% despite lifting sales growth guidance, as investors focused on margin expectations.
The FTSE 100’s advance came against weaker sessions elsewhere. On Tuesday, Wall Street closed lower, with the Dow Jones down 0.3%, the S&P 500 down 0.8%, and the Nasdaq Composite falling 1.4%.