(Bloomberg) — The FTSE 100 Index closed at a record high for the first time in more than a year, as recent equity market volatility and geopolitical risks prompted investors to pile into the defensive sectors that characterize the UK benchmark.
The index — home of global bellwethers such as AstraZeneca Plc, Shell Plc and Unilever Plc — is catching up with global peers such as the S&P 500 Index which have been trading at record highs earlier this year. The FTSE 100 has also benefited from a recent drop in the pound amid mounting expectations for UK interest rate cuts.
“While the US markets are currently feeling the pressure under the weight of a heavily bloated tech sector built of expected AI gains, the FTSE 100 has quietly been gaining traction thanks to its heavy mining and energy weighting, which stand to benefit from recent oil, copper, and precious metals strength,” said Joshua Mahony, chief market analyst at Scope…
