FX.co ★ FTSE 100 Climbs to New Record

On Friday, the FTSE 100 experienced a notable rise of 0.8%, reaching a new record high of 10,128. This uplift broke a two-day losing streak, primarily driven by robust performances in the energy, defense, and mining sectors. The mining industry led the charge, fueled by reports of potential merger discussions between Glencore and Rio Tinto, which invigorated merger-and-acquisition sentiment. Glencore's shares surged approximately 8.5%, marking their highest value since July 2024, while other mining firms such as Antofagasta and Anglo American also saw gains amidst the widespread speculation in the sector. Conversely, Rio Tinto's shares dipped by about 3%. Major oil companies, Shell and BP, surged by 3.3% and 2.6%, respectively, in response to a continued rise in crude oil prices for the second consecutive session. Defense stocks also performed well, with Rolls-Royce and BAE Systems both seeing gains of over 1.5%, benefiting from sustained support for the industry. However, healthcare stocks struggled, and the retail sector underperformed following a disappointing holiday trading update from Sainsbury’s, which saw its shares slump by more than 5%.