28.10.202514:50:30UTC+00FTSE 100 Rises to Record High

The FTSE 100 surged by over 0.5% on Tuesday, reaching a new all-time high, bolstered by strong performances in banking, mining, and defense sectors. HSBC spearheaded the advance, climbing more than 4% following the release of third-quarter results that exceeded expectations and an upward revision of its profitability forecast. Rolls-Royce and BAE Systems also showed impressive gains, rising over 2% and 1% respectively, as demand for aerospace and defense stocks remained robust. Among mining companies, Anglo American saw an increase of over 2% after confirming its annual copper production target and reporting progress on plans to spin off its De Beers diamond division. Other notable miners such as Glencore, Fresnillo, Endeavour, and Antofagasta rose between 1% and 1.5%. Airtel Africa topped the index, soaring over 13% following a significant rise in first-half earnings. Additionally, a weaker pound provided extra support, particularly benefiting stocks with a strong export focus. Concurrently, data from the BRC indicated a decline in UK food prices at the quickest rate in nearly five years, thereby strengthening the anticipation of potential rate cuts by the Bank of England.