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FTSE 100 reaches record high as strong results offset AI sell-off
The UK index rose to 10,951 points, helped by its finance and energy weighting, while Brent crude climbed toward $90 a barrel amid Middle East strikes.
The UK’s FTSE 100 climbed to a record high of 10,951 points on Wednesday morning before easing back slightly, with strong corporate results supporting the market even as global tech and AI-linked shares sold off. Investors rotated away from tech and semiconductor stocks, while the FTSE 100, which is heavily weighted toward the finance and energy sectors, was more shielded from the declines seen in other regional markets, including Asia and New York. The index’s advance also came as Standard Chartered and Rio Tinto announced higher shareholder payouts.
Meanwhile, shares tied to AI fell for a second straight day amid concerns about AI spending. In Asia, South Korea’s Kospi, dominated by semiconductor manufacturers, dropped as much as 12.6% intraday after disappointing results from SK Hynix, then closed down 6%, following a near 11% slump the prior day.
Oil and geopolitical developments added support for energy exposure in London, with Brent crude moving closer to $90 a barrel at $89.47 during afternoon trading in London, up over 6%. The gains followed a US military statement that it knocked down an Iranian missile barrage and coordinated with Saudi forces to strike sites in Iraq used by Tehran-backed militias.
Latest closeWTI crude $81.23 ▼1.7%|Brent $85.92 ▼2.8%|FTSE 100 10,871.02 ▲0.8%