FTSE 100 Live: Index Hits Fresh Record as Beazley Rallied amid Merger and GSK Also Jumped 1.4%

The FTSE 100 returned to record territory on Wednesday, extending its strong run as gains in insurers, energy stocks, and select defensives outweighed continued pressure on technology-linked names. The index climbed 0.5%, or 56.20 points, to 10,370.79.

Beazley and Energy Stocks Lead the Advance

Beazley has confirmed in a statement on Wednesday morning that it has reached an agreement with Zurich for a merger.

The offer proposed by Zurich has a total value of 1,335 pence per share. This is composed of a £1,310 cash payment from Zurich and a dividend of up to £25 to be paid by Beazley to its shareholders. 

The package represents a 59.8% premium over Beazley’s closing price on 16 January 2026 and is 34.6% higher than the company’s all-time high share price. 

The merger would create a global specialty insurance leader with approximately $15 billion in gross written premiums.

BP and Shell rose around 2% each, tracking firmer crude prices. Brent crude edged higher toward $68 a barrel.

Among others, Fresnillo jumped 2.20% to £3,988, while Berkeley Group advanced 2.21% to £4,256.

On the downside, AstraZeneca declined 1.04% to £13,672, while London Stock Exchange backed Group 1.64% to £7,062.

Games Workshop dipped 0.54% to £16,680 and The Sage Group declined 2.04% to £853.20.

GSK Extends Strong Run on Results

Pharmaceutical giant GSK added further momentum to the index after reporting strong annual results. 

Shares rose around 1.4%, extending gains to nearly 39% over the past year. The company posted a 7% increase in core operating profit to £9.8 billion for 2025. 

Guidance for 2026 points to turnover growth of between 3% to 5% and core operating profit growth of between 7% to 9%.

Santander Strikes $12 billion US deal 

Santander confirmed a $12.2 billion deal to acquire US-based Webster Financial to increase its presence in the US. 

Webster is valued at $75 a share in the deal with $48.75 in cash and the remaining in stock. 

It marks the latest move in Santander’s M&A strategy after the bank was speculated to beat out its peers in the UK to purchase TSB Bank for a deal expected to amount to £2.9 billion.

Also Read: Infosys, TCS, and HCL Tech Stocks Tumble Up to 6% Amid Global Tech Market Weakness

Global Market View

In the US, the Nasdaq Composite declined 1.4% at the close and the S&P 500 index backed 0.8%.

Gold has reclaimed the $5000 level after a rise of 2% to $5065. 

Asian markets posted mixed performance, with the Nikkei 225 down 0.8% after yesterday’s big gains and the Hang Seng index 0.5% higher.