FTSE reaches record level on Anglo American bid

London’s top stock index closed at another record high on Thursday after it was pulled higher by a raft of strong earnings reports and renewed takeover activity.

BHP’s £31 billion takeover tilt for Anglo American drove shares in the mining firm sharply higher and helped boost the FTSE.

It was also buoyed by rises in the value of Barclays, AstraZeneca and Unilever, who all saw a positive reaction to trading updates.

The FTSE 100 finished 38.48 points, or 0.48 per cent, higher to end the day at 8,078.86.

Elsewhere in Europe, sentiment was much more pessimistic after a downbeat reception to previous US and Asian trading. The German Dax index was down 0.91 per cent at the close and the Cac 40 in France ended down 0.93 per cent.

David Morrison, senior market analyst at Trade Nation, said: “European stock indices continue to take their lead from Wall Street, with most reacting negatively to the generalised sell-off that greeted the disappointing forward guidance from Meta Platforms after Wednesday night’s close.

“But the UK’s FTSE 100 has bucked the trend and is up sharply, thanks largely to some M&A (merger and acquisition) activity, and despite sterling strength.”

Meanwhile, sterling recouped some ground against the dollar amid continued concerns in the UK over persistent inflation.

The pound was up 0.28 per cent at 1.249 US dollars and was 0.11 per cent higher at 1.165 euros at market close in London.