FTSE 100 Hits Record High Amid Financial and Gold Mining Surge

The FTSE 100 reached a record intraday high, driven by gains in financial stocks and soaring gold prices. Lloyds benefited from a lower motor finance scandal bill while gold miners surged as bullion prices hit new records. Real estate stocks dragged the FTSE 250 down slightly.

The FTSE 100 index reached a new intraday record on Wednesday, driven by financial heavyweights and gold miners, as the latter soared due to record-high bullion prices. At 1042 GMT, the FTSE 100 stood 0.6% higher at 9,536.39.

Leading the gains were financial stocks, with the banks' index up 1.4%. Lloyds Banking Group saw a 2.6% rise after a favorable proposal from the financial services regulator regarding motor finance mis-selling. Barclays and HSBC also showed gains of 1.2% and 1.1%, respectively, with HSBC benefitting from a raised price target by Morgan Stanley.

While gold miners enjoyed a robust performance, with Endeavour Mining and Fresnillo posting 2.1% and 1.5% gains respectively, the FTSE 250 faced headwinds. Real estate stocks, specifically Unite Group, saw declines, with the stock dropping 9.8% after reporting softer Q3 rental growth. Meanwhile, investors were attentive to trade discussions as Prime Minister Keir Starmer's visit to India aimed to expedite a trade deal implementation.