On Wednesday, the FTSE 100 reached record highs, continuing its impressive eight-session winning streak. This upward trend was fueled by gains in the mining sector and positive corporate updates. GSK's share price rose by over 4% following the release of stronger-than-anticipated third-quarter profits and revenue figures, prompting an upgrade to its full-year earnings, turnover, and operating profit forecasts. The pharmaceutical giant now predicts core earnings per share will grow between 10% and 12%, an increase from its previous projection of 6% to 8%. Additionally, retailer Next saw a surge of over 5% as it once again revised its outlook upward, maintaining its history of consistent forecast enhancements.
Simultaneously, copper mining companies benefited from growing optimism over US-China trade relations and a tightening global supply chain. Anticipation builds as President Trump and President Xi prepare to meet at the APEC summit, where they are expected to discuss potential trade advancements. As a result, mining firms such as Antofagasta, Anglo American, and Rio Tinto experienced gains of over 2%, while Glencore soared by more than 6%, reaffirming its 2025 production goals and showcasing strong performance in metals trading.
