FTSE 100 logs record close on gains in utilities, mining

The blue-chip index closed 0.1% higher, within striking distance of the 10,000 level

London’s FTSE 100 logged a third consecutive record close, supported by gains in utilities and mining shares as investors welcomed signs of a potential end to the prolonged U.S. government shutdown.

The blue-chip index closed 0.1% higher, within striking distance of the 10,000 level. The mid-cap index FTSE 250 was down 0.7%.

Leading Wednesday’s gains, the utilities sector gained 4% as SSE soared 16.8% to a record high after unveiling a £33 billion-pound ($44.29 billion) five-year investment plan to upgrade the UK’s regulated electricity networks and expand its renewable business.

Metal miners added 1.3% as copper prices firmed in global commodity markets.

The improved market sentiment followed growing optimism that the U.S. House of Representatives may soon vote to end the government shutdown that has disrupted crucial economic data releases. A resolution would provide greater clarity for the central bank’s future interest rate decisions.

Back in the UK, investment banking stocks dropped 1.7% with 3i Group in the lead with 3.3% losses.

Industrial shares shed 2%, with credit data specialist Experian declining 4.9% despite forecasting full-year revenue growth of 11%, the upper end of its outlook range.

Homebuilders dropped 2.3%. Taylor Wimpey’s shares shed nearly 4% after reporting a softer autumn selling season as British buyers hesitated ahead of the budget announcement.

Energy shares slid 1% as oil prices slipped, with oil majors BP and Shell declining 1.7% and 0.7%, respectively.

Market participants are awaiting Thursday’s preliminary UK GDP figures for the third quarter, which will offer key insights into the nation’s economic health before the government’s budget announcement later this month.