FTSE 100 Reaches Record High Amid Geopolitical Tensions and Strong Earnings

The FTSE 100 index hit a record high, bolstered by oil stocks and strong blue-chip performances from companies like the London Stock Exchange Group. The surge was driven by increased oil prices due to U.S. sanctions on Russia and an upbeat earnings season. However, not all companies fared well, with InterContinental Hotels experiencing a decline.

The FTSE 100 index reached an unprecedented high, buoyed by robust performances from oil shares and major firms like the London Stock Exchange Group and Rentokil. Shares of oil giants, Shell and BP, rose significantly following a surge in crude prices triggered by U.S. sanctions on Russian suppliers amid escalating tensions over Ukraine.

Key players in the earnings landscape included the London Stock Exchange Group, which soared by 6.7% after announcing a partial sale of its post-trade services and a surprise share buyback. Rentokil also experienced a substantial climb, attributed to better-than-expected quarterly organic revenue growth.

Despite prevalent positivity, some companies witnessed declines; InterContinental Hotels Group saw a dip due to slowing U.S. market growth. Conversely, the FTSE midcap index neared a four-year peak, reflecting overall positive sentiment fostered by cooling inflation and anticipated Bank of England rate cuts.

(With inputs from agencies.)