Source: Sharecast
"Global markets are taking on an optimistic tone following the announcement of US trade deals with both Japan and the Philippines, easing concerns associated with the looming 1 August deadline," said Joshua Mahony, chief market analyst at Scope Markets.
The FTSE was up 0.6% at 9,078.59 just before the midday mark, topping the previous record close of 9,023.81 reached on Tuesday. This is the fifth straight gain for the index, extending its gain so far in July to 3.5%.
President Donald Trump announced overnight in a post on Truth Social that he had agreed a "massive" trade deal with Tokyo that will see Japanese imports into the US slapped with a 15% tariff – not as steep as the 25% rate he threatened earlier this month. Trump also set a 19% tariff on imports from the Philippines.
The news sparked a big rally on Asian stock markets, with Japan's Nikkei 225 in particular up 3.6% as carmakers surged.
"Many deals remain, but traders will feel emboldened by the implications of striking a deal with the US’ fourth largest import market (Japan)," Mahony said.
The deal comes as EU members rally to hit back against 30% US tariffs with retaliatory measures, with reports suggesting that the bloc may use a so-called anti-coercion instrument, which includes placing restrictions on US firms involved in EU public procurement, as well as enforcing limitations on IP rights.
Informa jumps
Topping the risers was publishing and exhibitions group Informa which said that strong forward visibility had led it to upgrade FY guidance. Informa said it delivered reported revenues had grown by more than 20%, while operating margins increased from 27.5% to 28.4%.
AstraZeneca was extending gains made the previous day on the back of its announced $50bn investment plan in the US, which it said will support its ambition to reach $80bn in revenue by 2030.
A rebound in risk appetite dented share prices in the defensive utilities sectors, with Centrica, SSE, Severn Trent, National Grid and United Utilities all topping the fallers list on the FTSE 100.
Precious metals miner Fresnillo was a heavy faller early on, but had erased losses to trade broadly flat by lunchtime, following a mixed second-quarter update. The company said that gold output was trending towards the upper end of full-year guidance, though silver results have been weaker than hoped.
Pub landlord JD Wetherspoon rose after like-for-like sales increased by 5.1% year-on-year in the 12 weeks ended 20 July, as sales volumes recently overtook pre-pandemic levels. Year-to-date like-for-like sales also increased by 5.1%.
Meanwhile, shares in Alpha Group surged 26% after the financial services business agreed to a £1.8bn takeover deal with US outfit Corpay.
Market Movers
FTSE 100 (UKX) 9,078.59 0.61%
FTSE 250 (MCX) 22,047.60 0.52%
techMARK (TASX) 5,203.44 0.88%
FTSE 100 - Risers
Informa (INF) 877.00p 6.17%
JD Sports Fashion (JD.) 89.08p 3.82%
Ashtead Group (AHT) 4,872.00p 2.89%
AstraZeneca (AZN) 10,644.00p 2.82%
Smurfit Westrock (DI) (SWR) 3,462.00p 2.52%
Spirax Group (SPX) 6,225.00p 2.05%
Convatec Group (CTEC) 245.60p 1.91%
Associated British Foods (ABF) 2,246.00p 1.72%
Croda International (CRDA) 2,861.00p 1.56%
Mondi (MNDI) 1,165.00p 1.53%
FTSE 100 - Fallers
Centrica (CNA) 160.95p -1.92%
SSE (SSE) 1,933.50p -1.85%
Severn Trent (SVT) 2,736.00p -1.69%
National Grid (NG.) 1,067.00p -1.61%
United Utilities Group (UU.) 1,148.50p -1.59%
SEGRO (SGRO) 659.20p -1.35%
Imperial Brands (IMB) 2,891.00p -1.20%
Airtel Africa (AAF) 183.70p -1.13%
Unite Group (UTG) 796.50p -1.12%
LondonMetric Property (LMP) 192.90p -1.03%
FTSE 250 - Risers
Alpha Group International (ALPH) 4,165.00p 25.64%
Hochschild Mining (HOC) 293.00p 8.92%
Aston Martin Lagonda Global Holdings (AML) 80.50p 7.48%
JPMorgan Japanese Inv Trust (JFJ) 646.00p 3.53%
Baillie Gifford Japan Trust (BGFD) 835.00p 3.21%
Ocado Group (OCDO) 337.20p 2.74%
Vistry Group (VTY) 629.20p 2.68%
Wetherspoon (J.D.) (JDW) 798.00p 2.31%
Clarkson (CKN) 3,500.00p 2.19%
Carnival (CCL) 2,051.00p 2.09%
FTSE 250 - Fallers
Breedon Group (BREE) 350.00p -9.79%
Chemring Group (CHG) 544.00p -2.68%
B&M European Value Retail S.A. (DI) (BME) 236.90p -1.62%
Kier Group (KIE) 196.60p -1.60%
Great Portland Estates (GPE) 343.50p -1.43%
Pennon Group (PNN) 531.50p -1.39%
Big Yellow Group (BYG) 937.00p -1.16%
Derwent London (DLN) 1,968.00p -1.16%
Drax Group (DRX) 691.00p -1.07%
Ocean Wilsons Holdings Ltd. (OCN) 1,440.00p -1.03%