FX.co ★ FTSE 100 Trades at Record Thanks to Pharma Stocks

The FTSE 100 advanced by 0.4%, closing at an unprecedented 9,390 on Wednesday, outshining its European counterparts. This uptick was primarily driven by gains in pharmaceutical and energy sector stocks. Notably, AstraZeneca surged over 4.5%, while GSK increased by 1.5%. The rise followed Pfizer's successful negotiation to avoid US tariffs by reducing drug prices by up to 85% and initiating direct sales to American consumers, alleviating concerns for the industry. Hikma Pharmaceuticals also experienced a 4.5% rise. Analysts praised this development for providing clarity on tariffs and pricing, with optimism that other companies might adopt similar strategies. Meanwhile, oil giants Shell and BP each saw their stocks rise by 0.8%. JD Sports also contributed to the gains, adding 0.5% after Nike disclosed a smaller-than-anticipated 1% drop in sales, buoyed by improvements in the wholesale and running shoe segments. Nonetheless, broader market sentiment was tempered by the first US government shutdown in nearly seven years, triggered by Congress's failure to pass a funding bill, which has cast a cloud of uncertainty ahead of the 2026 midterm elections.