The FTSE 100 climbed 1.7% to 10,653 on Thursday, its highest level since April 17, lifted by a strong rally in defensive, pharmaceutical, and aerospace stocks. Pharmaceutical heavyweights led the advance, with AstraZeneca jumping more than 5% and GSK gaining over 4%. Defense names also posted robust gains, as BAE Systems surged 6.1% and Babcock International rose 5.5%.
The broader market was supported by solid performances from major constituents including Rolls-Royce, British American Tobacco, oil giants BP and Shell, and lenders HSBC and Lloyds Banking Group, all of which helped underpin the index’s rise. In corporate news, Capricorn Energy agreed to a takeover by Genel Energy, while CMC Markets received an analyst upgrade from Panmure Liberum following an increase in its earnings guidance. Additionally, retailer Currys reported full-year earnings in line with analyst expectations and announced a £50 million share buyback programme.
