London close: UK equity rally continues as Footsie hits another record

(Sharecast News) - London's blue chip index continued its relentless march towards new records on Friday, gaining 0.6% despite a mixed performance across other markets.

The FTSE 100 finished up 63.85 points at 10,910.55, topping Thursday's all-time closing high of 10,846.70, and extending its year-to-date gain to 9.6%.

London was bucking the trend, with stocks in Paris, Milan and Madrid firmly in the red, while the Dow and Nasdaq both opened more than 1% lower on Wall Street.

"Most global stock indices were jittery ahead of the weekend with a US attack on Iran looming, the exception being the FTSE 100 which hit its third straight record high in as many days amid rising oil and precious metal prices, benefitting its constituents," said Axel Rudolph, senior technical analyst at IG.

"With the US having called on its citizens to leave Israel and Iran, the threat of an attack on the Islamic Republic has dramatically risen, pushing the oil price to a seven-month high," Rudolph said.

The Foreign Office on Friday pulled staff from the UK embassy in Tehran, while China, India and Canada told their citizens to leave Iran with immediate effect, as speculation builds about the potential for imminent US strikes against the country.

Brent crude was 2.1% higher by the close in London at $72.35 a barrel, its highest since July, while silver prices surged 7.3% to $94.31 an ounce as investors sought safe-haven assets amid rising geopolitical risk. Gold also gained 1.2%, copper rose 0.9%, while platinum jumped 3.2%.

"[The FTSE 100's] mining constituents have been benefitting for demand for metals in particular, as signs indicate that a commodities super-cycle is underway, with huge demand for metals and minerals needed to power the green revolution and build AI infrastructure," said Susannah Streeter, chief investment strategist at Wealth Club.

In economic news, GfK's long-running consumer confidence index fell three points from January to -19, its lowest since November, as people raised concerns about being able to make big purchases despite easing inflation.

Miners provide support

Precious metals miner Fresnillo shone, along with gold miners Hochschild and Endeavour, as commodity prices gained across the board. Heavyweights Antofagasta, Anglo American, Glencore and Rio Tinto also rose.

Rightmove was a high riser as the property platform posted a 9% jump in full-year underlying operating profit and revenue, and announced a �90m share buyback.

LSEG was also in the black, extending gains a day after it unveiled plans to return �3bn to shareholders alongside a rise in annual earnings.

Melrose Industries slumped even as the aerospace and defence firm reported a 21% increase in profits last year as global tensions and conflicts sparked a "significant" increase in military spending.

Flutter Entertainment was under pressure as the Paddy Power owner's fourth-quarter results fell short of expectations.

IAG flew lower. The BA and Iberia owner said it had delivered another "record" financial performance in 2025 and that it would be returning �1.5bn of excess capital in the next 12 months, but shares fell, with analysts pointing to potential disappointment around guidance.

On the FTSE 250, Senior surged 20% after the engineer said it had received and rejected several takeover proposals in the last couple of months, but that discussions with two suitors are ongoing.