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London’s FTSE 100 reached a new intraday record on Friday as investors reacted to strong company earnings and gains across energy and mining stocks. The benchmark index traded higher during the session, placing it on track for its strongest monthly performance since February.
The FTSE 100 gained 0.5% to 10,947.73 points by 1003 GMT. The index also recorded weekly gains, while the mid-cap FTSE 250 advanced 0.4% during the session.
Meanwhile, market attention stayed focused on corporate results after a week that included major central bank decisions and continued geopolitical developments in the Middle East. Strong earnings from several UK-listed companies supported investor activity.
Miners led gains on Friday, with industrial metal mining shares rising 2.1% as copper prices increased. Precious metal miners also moved higher, adding 0.9% during the session.
Energy stocks provided additional support for the FTSE 100 during July. The sector gained more than 15% throughout the month, making it one of the strongest-performing groups on the index.
Heavyweight energy companies added 1.4% on Friday despite oil prices falling below $90 per barrel. Market activity followed concerns over possible disruptions to fuel supplies linked to rising tensions involving the United States and Iran.
According to market analysts, energy companies benefited from stronger commodity prices during parts of July. Investors also tracked global supply conditions as geopolitical developments affected oil markets.
Moreover, banking stocks contributed to the broader market recovery. NatWest shares climbed 4.3% after the lender reported first-half operating profit before tax of £4.3 billion ($5.8 billion). The bank also raised its full-year outlook after reporting stronger financial results. The update supported gains across the financial sector.
UK companies continued reporting quarterly and half-year results, with investors closely watching earnings alongside wider economic data.
IG Group shares fell 10.2% after the company agreed to acquire US daily fantasy sports and prediction markets operator Underdog for up to $1.3 billion. The deal marked a major expansion move for the financial trading firm.
Additionally, Sainsbury’s shares increased 2.5% after the supermarket group agreed to sell Argos for at least £120 million ($161 million). The transaction moves the company away from general merchandise retail operations.
Meanwhile, airline group IAG reported results during the earnings season. The company faced higher fuel costs, although its performance remained closely watched by investors.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said, “British Airways owner IAG is flying through the year relatively well given the difficult market conditions.” He added that cost controls and lower-than-expected fuel expenses supported the company’s results.
The latest market moves came after decisions from the Federal Reserve and Bank of England. The Federal Reserve kept interest rates unchanged after policymakers reviewed inflation conditions. The decision provided limited guidance on the timing of future rate adjustments.
The Bank of England also maintained its current rate level. Three policymakers voted against the decision, compared with expectations for two dissenting votes.
Additionally, investors monitored global market conditions after US technology shares posted strong gains. A rally in major technology companies improved market sentiment and supported broader equity markets.
The FTSE 100 ended the week supported by earnings updates, commodity-linked sectors, and continued investor focus on global economic developments.
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