FTSE 100 seals best quarterly rise since 2022
The FTSE 100 has net its best quarterly rise since 2022 as the index shrugged off geopolitical tensions to storm to record highs.
London’s blue-chip index clawed back morning losses to seal a 0.54 per cent gain at 9350.43.
A batch of risers managed to offset losses from market heavyweights.
Pest control firm Reckitt and pharma giant GSK closed up over three per cent, whilst retailer JD rose two per cent.
This helped balance losses from tech titan BT, which was down two per cent, and energy majors Shell and BP both down over 1.8 per cent.
The losses from the oil giants came as prices slumped three per cent after OPEC+ – a group of oil producing nations – laid out plans to increase oil output.
The day’s session teed the index up for a 6.7 per cent quarterly gain – the highest since the final quarter of 2022, which came in at 8.1 per cent.
Tuesday’s gain indicated the market was also able to shrug off glum GDP data produced by the Office for National Statistics (ONS) which showed economic growth slowing in the second quarter.
The FTSE 100 is up over 13 per cent for the year-to-date but dealt with a tumultuous first-half after President Donald Trump’s tariff offensive sent it to lows of 7,679.48.
But as Trump rowed back, the index notched a record run of 16 consecutive days of gains.
The streak came to an end as the White House once again exhibited its influence on the City market.
Trump’s appointment of a vaccine sceptic as the new director of the Center for Biologics and Research in the US’ Food and Drug Administration (FDA) sent pharma stocks tumbling and dragged the blue-chip index into the red.