FTSE 100 closes at record high, BoE in focus

The blue-chip index closed 0.6% higher at 9,777.08 points, surpassing its previous record close last Thursday

UK’s FTSE 100 scaled a new record close on Wednesday after starting on a quiet note, while investors await the Bank of England’s interest rate decision and more corporate earnings later this week.

The blue-chip index closed 0.6% higher at 9,777.08 points, surpassing its previous record close last Thursday.

The midcap FTSE 250 rebounded 0.5%, breaking its seven-day losing streak.

Heavyweight oil and gas stocks gained 1.2%, tracking firm crude oil prices, and offset losses by pharma companies, including a drop of 0.6% for drugmaker AstraZeneca.

The personal goods sector emerged as the day’s standout performer, adding 2%, with luxury fashion house Burberry Group claiming the top spot among FTSE 100 gainers, gaining 3.1%.

On the data front, output and new orders in the country’s services industry rose last month, according to a survey showing that expectations for activity in the next 12 months were the highest since October 2024.

All eyes are now on the Bank of England, which on Thursday is widely expected to hold rates steady, though recent softer inflation and wage data could strengthen the case for a rate cut.

Among individual stocks, Metro Bank Holdings climbed 8.3%, topping the FTSE 250 gainers after affirming its annual outlook.

Ceres Power Holdings’ shares surged 18.9% after the clean energy technology developer announced a strategic licensing agreement with its largest Chinese investor aimed at powering data centres.

Retailer Marks & Spencer said it will have fully recovered from April’s cyber hack by March, forecasting second-half profit at least in line with last year’s. Its shares ended nearly flat.