FTSE 100 hits record high on BHP bid for Anglo American, earnings push

Britain's benchmark FTSE 100 stock index touched a record high on Thursday led by miner Anglo American on a buyout offer from BHP Group, while investors cheered earnings from several blue-chip firms including Unilever, AstraZeneca and Barclays. Anglo American surged 12.5% to a nine-month high after BHP said it made an offer to buy the London-listed miner, valuing its share capital at 31.1 billion pounds ($38.91 billion).

Britain's benchmark FTSE 100 stock index touched a record high on Thursday led by miner Anglo American on a buyout offer from BHP Group, while investors cheered earnings from several blue-chip firms including Unilever, AstraZeneca and Barclays.

Anglo American surged 12.5% to a nine-month high after BHP said it made an offer to buy the London-listed miner, valuing its share capital at 31.1 billion pounds ($38.91 billion). The deal would create the world's biggest copper miner with around 10% of global output. BHP's UK-listed stock, however, fell 2.7%.

"The deal also means that BHP is going to have access to a much larger amount of copper and iron ore. That's a key area for future growth and markets are really catching on with that impressive jump in the share price," said Fiona Cincotta, senior market analyst, City Index. The FTSE 350 industrial metal miners index rose 1.7%, while the blue-chip FTSE 100 0.6% to 8,083.90, after hitting a record high of 8,098.14 earlier.

"The FTSE 100 doesn't have as many tech stocks compared to U.S. indices and you've got the idea of the weaker pound, which is also supported and UK index," Cincotta added. Other European markets slipped and Wall Street was set to come under pressure after social media giant Meta Platforms gave a dour forecast.

AstraZeneca gained 5.1% after the drugmaker reported quarterly revenue and profit above market estimates. Unilever rose 4.8% after the consumer goods company posted better-than-expected first-quarter sales growth.

Barclays climbed 4.5% even as the lender posted a lower first-quarter profit. On the flipside, the mid-cap FTSE 250 fell 0.2%, with WH Smith sliding 7% after the British airport retailer flagged lower growth at start of the second half. ($1 = 0.7994 pounds)

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