FTSE 100 hits record closing high

The blue-chip FTSE 100 gained 1.1% to surpass last week’s peak, while the mid-cap FTSE 250 index jumped 0.9%

UK’s FTSE 100 hit a record closing high on Monday as global stocks rose on signs that a U.S. government shutdown could be nearing its end, while Diageo soared after it appointed a former Tesco boss as its CEO.

Shares of the world’s largest spirits maker rose 5.2%, recording their biggest percentage gain in more than three years, after the company appointed Dave Lewis as CEO, turning to an outsider to revive growth during a challenging period.

The stock is unloved after several years of disappointment and the appointment of a highly respected CEO could be enough to win over many investors, said Dan Coatsworth, head of markets, AJ Bell. However, Lewis knows he will ultimately be judged on results, not hope.

Diageo’s shares were still hovering near decade-lows, having shed nearly 27% of their value this year.

The blue-chip FTSE 100 gained 1.1% to surpass last week’s peak, while the mid-cap FTSE 250 index jumped 0.9%.

UK stocks recorded a weekly loss on Friday after a selloff in high-valued U.S. tech stocks rippled through stock markets and the Bank of England (BoE) held interest rates as expected.

However, a narrow vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut boosted prospect of a move in December once the government’s budget was unveiled.

Investors will keep an eye on third-quarter GDP data and more corporate earnings this week.

UK’s precious metal miners and industrial metal miners jumped 5.1% and 1.4%, respectively, as gold hit two-week high and copper prices jumped.