Good morning from the City AM liveblog team.
The FTSE 100 is inching a step closer to the magic 10,000 mark after almost a year of outperforming counterparts across the Atlantic.
London’s blue-chip index managed to rally to a 0.12 per cent gain in yesterday’s session closing at 9,911.42p. In the afternoon, it inched to a new intraday high of 9,930.09 before giving up some gains.
It was the third consecutive record close for the index after shrugging off bubbling tensions around private credit and fears of the ever-ballooning AI bubble.
The FTSE 100 notched the 9,000 threshold on 15 July – 120 days ago. If the index can pass the 10,000 mark in the coming days, it will be the quickest threshold jump on record.
“Lots of people have criticised the UK for being an old economy market, full of boring companies in the banking and natural resources sector,” Dan Coatsworth, head of markets at AJ Bell, said.
“Yes, it lacks the excitement of go-go-growth stocks omnipresent in the US, but boring can also be beautiful when it comes to investing”.
Miner Fresnillo has topped the index for highest gains for the year-to-date up nearly 260 per cent for the year-to-date.
Among the top ten performers include FTSE darling Rolls-Royce (up over 90 per cent), banking juggernaut Lloyds (over 70 per cent) and defence giant Babcock (over 130 per cent).
With the latest economic growth figures due, as well as earnings updates from FTSE 100 giants Rolls-Royce and Endeavour Mininng, will today be the day the index hits its next milestone?
Here are a few of our top stories from yesterday:
Rachel Reeves mulls second booze tax hike
Motorpoint sold hundreds of cars using AI agent as profits jump
Fuller’s boss hits out at ‘lack of clear plan’ from Chancellor amid Budget fears
Taylor Wimpey shares slump as boss blasts Budget uncertainty
Government to reconsider Waspi women compensation claim after new evidence