THE FTSE 100 hit another record yesterday — shrugging off a rough day for global markets as investors piled into the UK index’s defensive heavyweights.
The blue-chip benchmark rose 1.15 per cent to a new closing high of 10,341.56, outperforming Asian markets and US opening.
Traders favoured insurers and telecoms — steady, dividend-payers that tend to hold up when nerves rise.
Travel and leisure shares also found support after Brent crude sank around five per cent to below $66 (£48) a barrel.
Specialist insurer Beazley led the charge, up nearly four per cent, after ZURICH disclosed it had built a 1.5 per cent stake while pursuing a takeover.
But it was not all smiles in the City, as precious metal miners took a bruising. Shares in mining giants slid by around 2.5 per cent across the FTSE 100 and FTSE 250 as bullion prices suffered a sudden swoon.
Gold, which hit a record of nearly $5,600 (£4,097) last week, fell 10 per cent to $4,400 (£3,219). Silver crashed 15 per cent to under $72 (£52).
The “metals meltdown” was sparked by US President Donald Trump’s nomination of Kevin Warsh as US Federal Reserve boss. Traders feared fewer interest rate cuts, sending the dollar up and gold down.
Panic eased as investors regained their nerve. By mid-afternoon, gold clawed its way back to about $4,790 (£3,504) an ounce, while silver steadied near $83 (£60).
ASTRA EXCHANGE MOVE
ASTRAZENECA has begun trading on the New York Stock Exchange — shifting its US share listing from Nasdaq as it chases its next leg of global growth.
The FTSE 100 drugmaker moved its American Depositary Shares to the NYSE yesterday, after ending trading in those securities on Nasdaq on Friday. It will keep its main London Stock Exchange listing and its shares in Stockholm.
The US already provides almost half of group revenues, and the company wants a bigger slice of the world’s largest medicines market.
BARRY ALARM
BUDGET cosmetics brand Barry M is verging on heading into administration in a surprise blow to the make-up market.
Court documents show the firm, which has built a loyal following in supermarkets and high streets, has filed a notice of intention to appoint administrators.
It gives directors some breathing space to stitch together a survival plan — with a ten-day window to find an investor or buyer.
GSK JOBS WOE
GSK is cutting up to 350 research and development jobs in the UK and US.
Around 50 roles have already gone at the pharmaceutical and biotech firm’s main UK R&D hub in Stevenage, Herts, with more cuts expected in Britain and the US.
GSK employs about 2,500 in R&D in Stevenage and spent more than £1.5billion on UK R&D last year. New boss Luke Miels presents his first annual results tomorrow.
