FTSE 100 hits record high on positive corporate news

Thu, 24th Jul 2025 11:14

Reckitt soars after raising annual revenue growth forecast

IG Group rises on FY profit beat

Howden Joinery up on strong half-year results

Vodafone rises on Q1 growth improvement

July 24 (Reuters) - London's main stock indexes rose on Thursday, with the blue-chip index hitting an all-time intraday peak, boosted by upbeat corporate results and optimism over a potential EU-U.S. trade agreement.

The internationally-oriented FTSE 100 rose 1% as of 0942 GMT, after hitting a record intraday high of 9,158.21 points earlier in the session, while the midcap FTSE 250 index rose 0.7%.

The personal care and grocery stores index led sectoral gains, up 2.5%, boosted by Reckitt, up 10%, after the consumer goods company raised its annual revenue forecast.

Healthcare stocks rose 1.7% with AstraZeneca up 2% after the drugmaker's rare immune disorder drug succeeded in an advanced trial.

GSK added 1.1% after the U.S. Food and Drug Administration on Wednesday extended its review of the drugmaker's blood cancer drug.

Retail stocks advanced 2.2%, led by Howden Joinery, which soared 11.1% to top the FTSE 100, after reporting a rise in first-half profit.

Conversely, precious metal miners fell 2.3%, tracking a fall in gold prices. Hochschild Mining fell 4.5%, Endeavour Mining fell 2.2%, and Fresnillo fell 1.6%.

In company news, BT Group advanced 7.6% after the telecom firm named Patricia Cobian as its first female chief financial officer.

Vodafone gained 4.5% after reporting a 5.5% rise in organic service revenue in the first quarter.

ITV surged 9.9% after the broadcaster's half-year results beat forecasts.

Airtel Africa soared 7.7% after posting higher quarterly results.

AJ Bell gained 3.1% on third-quarter assets growth.

Meanwhile, two European diplomats said on Wednesday the European Union and the U.S. are edging toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions.

Additionally, British business activity grew only weakly in July and employers cut jobs at the fastest pace in five months, according to a survey that is likely to add to speculation about a Bank of England interest rate cut next month.

Traders are currently pricing in an 82.3% chance of a 25 basis point BoE cut next month, according to data compiled by LSEG. (Reporting by Sukriti Gupta; Editing by Sahal Muhammed)