02.02.202613:53:36UTC+00FTSE 100 Rebounds to New Record High

On Monday, the FTSE 100 index climbed by 0.7%, reaching a new peak above 10,300. This gain marked a recovery from earlier declines as the pressure from falling metals prices subsided, and overall market sentiment improved. The rally was primarily driven by defensive sector leaders. AstraZeneca and Unilever each advanced approximately 2%, while British American Tobacco increased by 1.5%. Despite continuing to trade lower throughout the day, metals prices had a less sharp decline, providing stability for mining companies. As a result, Rio Tinto, Glencore, and Anglo American saw stable to slightly increased trading. Conversely, Endeavour, Fresnillo, and Antofagasta faced challenges, with their shares decreasing by 4.3%, 2.9%, and 1.7%, respectively. Outside of the commodities sector, UK economic indicators bolstered the index. According to Nationwide, house prices rose by 0.3% in January. Additionally, business confidence reached its highest level in eight months, and manufacturing activity continued to demonstrate growth.