FX.co ★ FTSE 100 Hits New Record in Volatile Session

The FTSE 100 saw a modest increase on Wednesday, reaching a new record high. However, it underperformed compared to other major European indices due to setbacks in the oil and gas sectors. Market sentiment was dampened by political uncertainty amidst rumors about Health Secretary Wes Streeting’s ambitions to succeed Prime Minister Keir Starmer—a notion he dismissed as “self-destructive.” Energy stocks suffered significant declines; BP saw a 1.6% drop, and Shell decreased by 0.7%, in response to a more than 3% fall in WTI crude oil prices. Additionally, the housing sector faced challenges as Taylor Wimpey reported a cautious update, causing its shares to plummet by 3.9%. In contrast, SSE shares surged over 16% to reach a record high, following their announcement of a £2 billion share issuance to support their £33 billion investment strategy through 2030, aimed primarily at renewables and power networks.